T. Rowe Price Group Inc

TROW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$836.00	Tnygb	Fbsyqpbttm

T. Rowe Price: Lowered Moat Rating to Narrow Despite Firm Having Wide-Moat Characteristics

Greggory Warren

Sep 20, 2024

We've lowered our moat rating for T. Rowe Price to narrow from wide. Our fair value estimate remains in place at $115 per share. While T. Rowe Price has wide-moat-worthy characteristics—like a well-respected brand, attractive distribution with high retention rates, repeatable investment strategies, reasonable fees, and an impressive track record of excess returns—we've seen a large enough deterioration in the firm's qualitative and quantitative attributes the past five years to warrant taking the moat down a notch.

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