Morgan Stanley raised the firm’s price target on T. Rowe Price (TROW) to $125 from $116 and keeps an Equal Weight rating on the shares. The macro backdrop has shifted more favorably with better Q3 mark to market, which drives upwards earnings revisions across the traditional money managers, notes the analyst, who also sees scope for widespread ETF share class approval that could be a positive catalyst for the space as ETF share class approval would allow an asset manager to create an ETF as a share class of an existing open-end mutual fund.
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