T. Rowe Price's stock plummeted 5.03% during intraday trading on Thursday, as the asset management firm faced a wave of negative analyst sentiment.
Multiple financial institutions including KBW, Deutsche Bank, Barclays, Goldman Sachs, JPMorgan, and TD Cowen either lowered their price targets or maintained negative ratings on the company's shares. KBW cut its target to $110 from $115, Deutsche Bank reduced its target to $100 from $106, Barclays lowered its target to $94 from $101, and Goldman Sachs adjusted its price target downward to $90 from $95 while maintaining a Sell rating.
The collective analyst actions reflect growing concerns about T. Rowe Price's prospects, contributing to significant selling pressure during the trading session. According to FactSet data, the company now has an average rating of Underweight with a mean price target of $101.08.