T. Rowe Price up for third day after airing acquisition plan


T. Rowe Price TROW, -1.76% rose for the third day in a row Monday after announcing its $4.2 billion acquisition of Oak Hill Advisors (OHA) on Thursday. The stock advanced by 0.8% on Monday morning, after a rise of 0.7% on Friday and 5.7% on Thursday. UBS analyst Brennan Hawken on Thursday hiked his price target for T. Rowe Price to $215 a share from $200 and said the company’s first acquisition in more than a decade will add alternative investments to its business mix and improve the growth profile of the company. “While there is likely limited opportunity for OHA’s strategies in the retirement channel, liquid alts are gaining in popularity in the broker sold channel,” Hawken said. “There are opportunities for TROW’s recently enhanced distribution capabilities to provide more avenues for growth at OHA in the future.” T. Rowe Price shares are up 43.3% so far this year, compared to a gain of 22.7% by the S&P 500.

This article was originally published by Marketwatch.com. Read the original article here.

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