According to these firms, T. Rowe Price is one of the best positioned asset managers in terms of achieving significant earnings growth. These firms believe the company is well poised to continue growing organically in spite of soft flows industry-wide, as the company's strong retirement plan distribution and the recognition of its target date funds is complementing its growing fixed-income presence. Additionally, they expect T. Rowe Price to benefit from greater expense flexibility than its peers, as it has continued to invest in marketing, technology, and personnel throughout the cycle. However, due to lower AUM in the reported quarter, these firms expect the company to exhibit margins toward downside. Yet, these firms continue to believe the shares trade at a premium based on its brand name, solid balance sheet and long-term investment performance.