) is being downgraded from Buy to Hold by Citi Analysts based on expectations that mixed news around flows, tempered margin upside, but likely continued strong buyback/capital management. In a research report Citi writes, "Downgrading to Hold and lowering 12-month price target $3 to $53. As we believe further upside is more limited from current price levels. Revised target = 17.5x revised 2011 EPS plus ~$5.50 per share in net cash + investment and also incorporates a lower target multiple given lower industry valuations. We are not inclined to sell TROW here, as we believe the stock has become a consensus buyside “short” but absent above trend markets and/or faster pick up in volumes, we see the stock a bit more range bound. Our prior recommendation was predicated on a quicker recovery in US equities flows, which seems less certain; and strategically, TROW lags key peers in its non-US and institutional footprints, which trade at lower multiples. That said, firm's strong LT performance track record, robust balance sheet, and top flight management remain in tact." TROW is currently trading lower on the session at $50.53