T. Rowe Price price target lowered to $112 from $121 at TD Cowen

TD Cowen lowered the firm’s price target on T. Rowe Price (TROW) to $112 from $121 and keeps a Hold rating on the shares. The firm said the path toward B/E LT NNA outlook continues to improve in their view. However they expect the fee rate which missed by 0.5 bps is likely to trundle lower curbing base organic revenue growth operating leverage and ultimately the stock.