Opinions
Neil Murdock
T, Rowe Price Group
TROW-Q
BUY
Apr 12, 2001
Has dropped recently. Good business/portfolio managers. Great brand names.
$33.750
Stock price when the opinion was issued
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COMMENT
In general, he likes the asset managers with the equity markets moving higher over the last several years, and still expects equities to move higher. Asset managers should do quite well. This is more targeted in the target date retirement type of funds, which is kind of their sweet spot because of the aging demographics. Trading at about 15-16 times forward earnings with a 12% growth rate. He prefers Blackrock (BLK-N), which is a little bit better in terms of valuations. The growth in this one is closer to 15%.
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TOP PICK
In a strong sector, look for a stock that has a tailwind. They enjoy good returns and new in flows into mutual funds the last three months to reverse outflows. They boast earnings growth. In a strong market, owning an equity manager like this is a good idea. 90% of their revenue comes from advisory fees. (Analysts’ price target is $137.64)
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