UPDATE: J.P. Morgan Lowers PT on T. Rowe Price Group to $74 (TROW)

J.P. Morgan is out with its report today on T. Rowe Price Group TROW, lowering its PT from $76 to $74. In a note to clients, J.P. Morgan writes, "On a P/E basis, T Rowe is trading at 19.7X our 2011 estimate of $3.25. This appears rich versus 15.3X 2011 estimates for peers. However, we believe the higher valuation reflects what has been industry leading organic growth and sales over time for T. Rowe and what continues to be the best fund performance in the business. We reduce our December 2011 price target to $74.00, which is based on 20.0X our 2012 estimate of $3.70, in line with where T. Rowe trades today on 2011 estimates." Shares of TROW closed Thursday at $64.08, down 3.45% from Wednesday's close.