{
  "run": {
    "id": "cmnr15bjx06kup658bdsflch7",
    "region": "US",
    "assetId": "cmnr15bjb06khp658fjfgbmky",
    "ticker": "TROW",
    "snapshotId": "cmnr15bjo06kqp658kam2m708",
    "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux",
    "createdAt": "2026-04-09T05:21:58.459Z",
    "promptTemplate": {
      "id": "cmnqt07si0005lm3jzpxuu1ux",
      "name": "Oficial 08.apr.2026",
      "version": 1
    },
    "snapshot": {
      "id": "cmnr15bjo06kqp658kam2m708",
      "assetId": "cmnr15bjb06khp658fjfgbmky",
      "asOf": "2026-04-08T20:00:00.000Z",
      "snapshot": {
        "asOf": "2026-04-08T20:00:00.000Z",
        "quote": {
          "asOf": "2026-04-08T20:00:00.000Z",
          "open": 91.37,
          "price": 91.81,
          "dayLow": 90.745,
          "volume": 2268968,
          "dayHigh": 92.39,
          "currency": "USD",
          "prevClose": 89.22,
          "week52Low": 77.85,
          "week52High": 118.22
        },
        "fundamentals": {
          "pe": 11.0561555075594,
          "beta": 1.3448381961395,
          "epsTTM": 9.26,
          "fcfTTM": 1479300000,
          "growth": {
            "epsYoy": 0.008714596949891075,
            "revenueYoy": 0.03118303823164543
          },
          "sector": "Investment Advice",
          "margins": {
            "net": 0.2853256411658555,
            "gross": null,
            "operating": 0.2992289604637174
          },
          "website": "http://www.troweprice.com",
          "industry": "Investment Management",
          "pegRatio": 12.6869384449242,
          "ebitdaTTM": 3088300000,
          "forwardPe": 10.1466798810704,
          "marketCap": 20900000000,
          "totalCash": 3378200000,
          "totalDebt": null,
          "debtEquity": null,
          "quickRatio": null,
          "revenueTTM": 7314800000,
          "companyName": "PRICE T ROWE GROUP INC",
          "priceToBook": 1.86868217568778,
          "currentRatio": null,
          "dividendYield": 0.0507645314248166,
          "returnOnAssets": 0.1455256662343639,
          "returnOnEquity": 0.192180550823657,
          "analystOpinions": null,
          "businessSummary": "T. Rowe Price Group, Inc. is an American publicly owned global investment management firm that offers funds, subadvisory services, separate account management, and retirement plans and services for individuals, institutions, and financial intermediaries. The firm has assets under management of more than $1.51 trillion and annual revenues of $6.48 billion as of 2023, placing it 537 on the Fortune 1000 list of the largest U.S. companies. Headquartered at 100 East Pratt Street in Baltimore, Maryland, it has 7,868 employees across 17 international offices serving clients in 55 countries.",
          "enterpriseValue": null,
          "analystTargetLow": null,
          "analystTargetHigh": null,
          "analystTargetMean": null,
          "fullTimeEmployees": 8158,
          "sharesOutstanding": 218072901,
          "enterpriseToEbitda": null,
          "analystTargetMedian": null,
          "enterpriseToRevenue": null,
          "operatingCashflowTTM": 1753400000,
          "analystRecommendationKey": null
        }
      },
      "createdAt": "2026-04-09T05:21:58.453Z"
    },
    "results": [
      {
        "id": "cmnr15bk006kwp658ilguvgcn",
        "runId": "cmnr15bjx06kup658bdsflch7",
        "modelId": "anthropic",
        "status": "SUCCESS",
        "rawOutput": "{\"model\":\"equity-ai-v1\",\"as_of\":\"2026-04-08T20:00:00.000Z\",\"ticker\":\"TROW\",\"currency\":\"USD\",\"current_price\":91.81,\"target_price_6m\":96.5,\"target_price_12m\":100.0,\"recommendation\":\"BUY\",\"confidence\":0.58,\"thesis_bullets\":[\"Attractive 5%+ dividend yield provides meaningful downside cushion\",\"Trading near 52-week low at compressed 11x PE multiple\",\"Strong balance sheet with $3.4B cash and no reported debt\",\"Secular headwinds from passive investing limit AUM-driven growth\",\"Modest EPS growth of <1% YoY signals near-term earnings stagnation\"],\"key_drivers\":[{\"driver\":\"Equity market performance driving AUM levels\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Secular shift from active to passive management\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Fee compression across investment management industry\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Capital return via 5%+ dividend and buybacks\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Institutional and retirement channel stability\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Operating margin sustainability near 30%\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Net flow trends (organic growth vs redemptions)\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Potential for multiple re-rating if growth improves\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Prolonged equity market downturn sharply reduces AUM and revenue\",\"Accelerated shift to passive/ETF products erodes market share\",\"Key investment personnel departures damaging fund performance\",\"Regulatory changes increasing compliance costs for active managers\",\"Concentration in US equity strategies increases cyclicality\"],\"assumptions\":{\"revenue_cagr_3y\":0.035,\"ebit_margin_target\":0.30,\"wacc\":0.10,\"terminal_multiple\":11.0},\"scenarios\":{\"bear\":{\"target_price\":78.0,\"prob\":0.25,\"notes\":\"Market correction drives AUM down 10-15%, multiple compresses to 9x.\"},\"base\":{\"target_price\":100.0,\"prob\":0.50,\"notes\":\"Flat to modest AUM growth from market appreciation, PE stable at 10.5-11x.\"},\"bull\":{\"target_price\":115.0,\"prob\":0.25,\"notes\":\"Strong equity markets lift AUM, improved flows drive PE re-rating toward 12x.\"}},\"method_notes\":\"Earnings-power valuation for asset manager: applied normalized PE range (9-12x) to forward EPS ~$9.50. Current 11x PE is below 5yr avg (~13x) reflecting secular headwinds. 12M base target of $100 implies ~8.9% price return, supporting BUY. Dividend yield of ~5% adds total return support. Confidence moderate due to conflicting signals: cheap valuation vs structural growth challenges. PEG of 12.7 cautions against aggressive upside. Not investment advice.\"}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:00.000Z",
          "model": "equity-ai-v1",
          "risks": [
            "Prolonged equity market downturn sharply reduces AUM and revenue",
            "Accelerated shift to passive/ETF products erodes market share",
            "Key investment personnel departures damaging fund performance",
            "Regulatory changes increasing compliance costs for active managers",
            "Concentration in US equity strategies increases cyclicality"
          ],
          "ticker": "TROW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.5,
              "notes": "Flat to modest AUM growth from market appreciation, PE stable at 10.5-11x.",
              "target_price": 100
            },
            "bear": {
              "prob": 0.25,
              "notes": "Market correction drives AUM down 10-15%, multiple compresses to 9x.",
              "target_price": 78
            },
            "bull": {
              "prob": 0.25,
              "notes": "Strong equity markets lift AUM, improved flows drive PE re-rating toward 12x.",
              "target_price": 115
            }
          },
          "confidence": 0.58,
          "assumptions": {
            "wacc": 0.1,
            "revenue_cagr_3y": 0.035,
            "terminal_multiple": 11,
            "ebit_margin_target": 0.3
          },
          "key_drivers": [
            {
              "driver": "Equity market performance driving AUM levels",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Secular shift from active to passive management",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Fee compression across investment management industry",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Capital return via 5%+ dividend and buybacks",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Institutional and retirement channel stability",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Operating margin sustainability near 30%",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Net flow trends (organic growth vs redemptions)",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Potential for multiple re-rating if growth improves",
              "impact": "MED",
              "direction": "POS"
            }
          ],
          "method_notes": "Earnings-power valuation for asset manager: applied normalized PE range (9-12x) to forward EPS ~$9.50. Current 11x PE is below 5yr avg (~13x) reflecting secular headwinds. 12M base target of $100 implies ~8.9% price return, supporting BUY. Dividend yield of ~5% adds total return support. Confidence moderate due to conflicting signals: cheap valuation vs structural growth challenges. PEG of 12.7 cautions against aggressive upside. Not investment advice.",
          "current_price": 91.81,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Attractive 5%+ dividend yield provides meaningful downside cushion",
            "Trading near 52-week low at compressed 11x PE multiple",
            "Strong balance sheet with $3.4B cash and no reported debt",
            "Secular headwinds from passive investing limit AUM-driven growth",
            "Modest EPS growth of <1% YoY signals near-term earnings stagnation"
          ],
          "target_price_6m": 96.5,
          "target_price_12m": 100
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "provider": "anthropic",
            "webSearch": {
              "enabled": false,
              "maxToolCalls": 2,
              "disabledReason": null
            },
            "pauseTurns": 0,
            "stopReason": "end_turn"
          },
          "sanityIssues": []
        },
        "latencyMs": 49449,
        "createdAt": "2026-04-09T05:21:58.459Z",
        "usage": {
          "inputTokens": 3615,
          "outputTokens": 1960,
          "costUsd": 0.067075
        }
      },
      {
        "id": "cmnr15bk006kzp6588d7vm8b0",
        "runId": "cmnr15bjx06kup658bdsflch7",
        "modelId": "deepseek.reasoner",
        "status": "SUCCESS",
        "rawOutput": "{\n  \"model\": \"AI_Equity_Research\",\n  \"as_of\": \"2026-04-08T20:00:00.000Z\",\n  \"ticker\": \"TROW\",\n  \"currency\": \"USD\",\n  \"current_price\": 91.81,\n  \"target_price_6m\": 98,\n  \"target_price_12m\": 105,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.65,\n  \"thesis_bullets\": [\n    \"Stable AUM base with recurring fee revenue.\",\n    \"Attractive valuation at current P/E multiples.\",\n    \"Moderate growth in assets under management.\",\n    \"High operating margins support profitability.\",\n    \"Dividend yield provides income cushion.\"\n  ],\n  \"key_drivers\": [\n    { \"driver\": \"Equity Market Returns\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n    { \"driver\": \"AUM Growth\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n    { \"driver\": \"Fee Margins\", \"impact\": \"MED\", \"direction\": \"POS\" },\n    { \"driver\": \"Interest Rates\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n    { \"driver\": \"Competitive Pressure\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n    { \"driver\": \"Operational Efficiency\", \"impact\": \"LOW\", \"direction\": \"POS\" }\n  ],\n  \"risks\": [\n    \"Market volatility reducing AUM.\",\n    \"Regulatory changes impacting fees.\",\n    \"Loss of key investment personnel.\",\n    \"Economic downturn affecting asset flows.\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.04,\n    \"ebit_margin_target\": 0.3,\n    \"wacc\": 0.085,\n    \"terminal_multiple\": 11\n  },\n  \"scenarios\": {\n    \"bear\": { \"target_price\": 85, \"prob\": 0.2, \"notes\": \"Market downturn reduces AUM and fees.\" },\n    \"base\": { \"target_price\": 105, \"prob\": 0.6, \"notes\": \"Steady AUM growth and stable margins.\" },\n    \"bull\": { \"target_price\": 120, \"prob\": 0.2, \"notes\": \"Strong market performance boosts fees.\" }\n  },\n  \"method_notes\": \"Valuation based on forward P/E with 5% EPS growth. BUY due to ~14% upside. Not investment advice.\"\n}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:00.000Z",
          "model": "AI_Equity_Research",
          "risks": [
            "Market volatility reducing AUM.",
            "Regulatory changes impacting fees.",
            "Loss of key investment personnel.",
            "Economic downturn affecting asset flows."
          ],
          "ticker": "TROW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.6,
              "notes": "Steady AUM growth and stable margins.",
              "target_price": 105
            },
            "bear": {
              "prob": 0.2,
              "notes": "Market downturn reduces AUM and fees.",
              "target_price": 85
            },
            "bull": {
              "prob": 0.2,
              "notes": "Strong market performance boosts fees.",
              "target_price": 120
            }
          },
          "confidence": 0.65,
          "assumptions": {
            "wacc": 0.085,
            "revenue_cagr_3y": 0.04,
            "terminal_multiple": 11,
            "ebit_margin_target": 0.3
          },
          "key_drivers": [
            {
              "driver": "Equity Market Returns",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "AUM Growth",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Fee Margins",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Interest Rates",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Competitive Pressure",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Operational Efficiency",
              "impact": "LOW",
              "direction": "POS"
            }
          ],
          "method_notes": "Valuation based on forward P/E with 5% EPS growth. BUY due to ~14% upside. Not investment advice.",
          "current_price": 91.81,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Stable AUM base with recurring fee revenue.",
            "Attractive valuation at current P/E multiples.",
            "Moderate growth in assets under management.",
            "High operating margins support profitability.",
            "Dividend yield provides income cushion."
          ],
          "target_price_6m": 98,
          "target_price_12m": 105
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "endpoint": "https://api.deepseek.com/v1/chat/completions",
            "provider": "deepseek",
            "webSearch": {
              "enabled": false,
              "supported": false
            },
            "responseFormat": "json_object"
          },
          "sanityIssues": []
        },
        "latencyMs": 375,
        "createdAt": "2026-04-09T05:21:58.459Z",
        "usage": {
          "inputTokens": 2116,
          "outputTokens": 3717,
          "costUsd": 0.002154
        }
      },
      {
        "id": "cmnr15bk006kxp658novck9zr",
        "runId": "cmnr15bjx06kup658bdsflch7",
        "modelId": "gemini.3-pro",
        "status": "SUCCESS",
        "rawOutput": "{\n  \"model\": \"AI Equity Analyst v1.0\",\n  \"as_of\": \"2026-04-08T20:00:00.000Z\",\n  \"ticker\": \"TROW\",\n  \"currency\": \"USD\",\n  \"current_price\": 91.81,\n  \"target_price_6m\": 96.00,\n  \"target_price_12m\": 102.00,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.65,\n  \"thesis_bullets\": [\n    \"Attractive 5.1% dividend yield provides a strong total return floor.\",\n    \"Secular shift to passive investing continues to pressure active net flows.\",\n    \"P/E of 11x reflects structural headwinds but limits further multiple compression.\",\n    \"Pristine balance sheet with zero debt and $3.38B cash enables buybacks.\",\n    \"Expansion into alternatives and active ETFs offers long-term growth optionality.\"\n  ],\n  \"key_drivers\": [\n    {\n      \"driver\": \"Equity Market Performance\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Active to Passive Shift\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Fee Compression\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Dividend Growth\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Alternative Asset AUM\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Share Repurchases\",\n      \"impact\": \"LOW\",\n      \"direction\": \"POS\"\n    }\n  ],\n  \"risks\": [\n    \"Prolonged equity market downturn reducing AUM and fee revenues.\",\n    \"Accelerated net outflows from legacy active mutual funds.\",\n    \"Inability to scale alternative and ETF offerings effectively.\",\n    \"Key portfolio manager departures impacting fund performance.\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.02,\n    \"ebit_margin_target\": 0.30,\n    \"wacc\": 0.095,\n    \"terminal_multiple\": 10.5\n  },\n  \"scenarios\": {\n    \"bear\": {\n      \"target_price\": 75.00,\n      \"prob\": 0.25,\n      \"notes\": \"Market correction and accelerated outflows compress AUM and drive P/E to 8x.\"\n    },\n    \"base\": {\n      \"target_price\": 102.00,\n      \"prob\": 0.55,\n      \"notes\": \"Markets grow modestly, outflows stabilize, and multiple holds at 11x.\"\n    },\n    \"bull\": {\n      \"target_price\": 120.00,\n      \"prob\": 0.20,\n      \"notes\": \"Strong equity markets and successful alternatives expansion drive multiple expansion to 13x.\"\n    }\n  },\n  \"method_notes\": \"Valuation based on 11x forward P/E and DCF. Target implies ~11% upside, supporting a BUY rating. Not investment advice.\"\n}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:00.000Z",
          "model": "AI Equity Analyst v1.0",
          "risks": [
            "Prolonged equity market downturn reducing AUM and fee revenues.",
            "Accelerated net outflows from legacy active mutual funds.",
            "Inability to scale alternative and ETF offerings effectively.",
            "Key portfolio manager departures impacting fund performance."
          ],
          "ticker": "TROW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.55,
              "notes": "Markets grow modestly, outflows stabilize, and multiple holds at 11x.",
              "target_price": 102
            },
            "bear": {
              "prob": 0.25,
              "notes": "Market correction and accelerated outflows compress AUM and drive P/E to 8x.",
              "target_price": 75
            },
            "bull": {
              "prob": 0.2,
              "notes": "Strong equity markets and successful alternatives expansion drive multiple expansion to 13x.",
              "target_price": 120
            }
          },
          "confidence": 0.65,
          "assumptions": {
            "wacc": 0.095,
            "revenue_cagr_3y": 0.02,
            "terminal_multiple": 10.5,
            "ebit_margin_target": 0.3
          },
          "key_drivers": [
            {
              "driver": "Equity Market Performance",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Active to Passive Shift",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Fee Compression",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Dividend Growth",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Alternative Asset AUM",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Share Repurchases",
              "impact": "LOW",
              "direction": "POS"
            }
          ],
          "method_notes": "Valuation based on 11x forward P/E and DCF. Target implies ~11% upside, supporting a BUY rating. Not investment advice.",
          "current_price": 91.81,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Attractive 5.1% dividend yield provides a strong total return floor.",
            "Secular shift to passive investing continues to pressure active net flows.",
            "P/E of 11x reflects structural headwinds but limits further multiple compression.",
            "Pristine balance sheet with zero debt and $3.38B cash enables buybacks.",
            "Expansion into alternatives and active ETFs offers long-term growth optionality."
          ],
          "target_price_6m": 96,
          "target_price_12m": 102
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "model": "gemini-3-pro-preview",
            "provider": "gemini",
            "webSearch": {
              "used": false,
              "allowed": false,
              "enabled": false,
              "requested": false,
              "disabledReason": null
            }
          },
          "sanityIssues": []
        },
        "latencyMs": 30878,
        "createdAt": "2026-04-09T05:21:58.459Z",
        "usage": {
          "inputTokens": 2415,
          "outputTokens": 800,
          "costUsd": 0.01443
        }
      },
      {
        "id": "cmnr15bk006kvp658h0dyod21",
        "runId": "cmnr15bjx06kup658bdsflch7",
        "modelId": "openai.gpt-5.4",
        "status": "SUCCESS",
        "rawOutput": "{\"model\":\"AI Model Recommendation\",\"as_of\":\"2026-04-08T20:00:00.000Z\",\"ticker\":\"TROW\",\"currency\":\"USD\",\"current_price\":91.81,\"target_price_6m\":100,\"target_price_12m\":108,\"recommendation\":\"BUY\",\"confidence\":0.66,\"thesis_bullets\":[\"Low earnings multiple discounts weak flow sentiment already.\",\"High dividend yield and net cash support downside.\",\"Margins remain strong despite muted revenue growth.\",\"Market recovery can lift AUM, fees, and operating leverage.\",\"Active management outflow risk tempers upside to moderate buy.\"],\"key_drivers\":[{\"driver\":\"AUM tied to markets\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Net client flows\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Strong operating margins\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"5% dividend yield\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Net cash balance sheet\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Fee compression\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Retirement platform demand\",\"impact\":\"LOW\",\"direction\":\"POS\"},{\"driver\":\"Active-to-passive shift\",\"impact\":\"HIGH\",\"direction\":\"NEG\"}],\"risks\":[\"Equity market correction cuts AUM and fees.\",\"Persistent outflows in active strategies.\",\"Fee pressure from passive competitors.\",\"Margin erosion from compensation or tech spend.\",\"Regulatory or reputational issues hurt distribution.\"],\"assumptions\":{\"revenue_cagr_3y\":4.5,\"ebit_margin_target\":30.5,\"wacc\":9.5,\"terminal_multiple\":12.5},\"scenarios\":{\"bear\":{\"target_price\":80,\"prob\":0.25,\"notes\":\"Outflows persist and weaker markets pressure fees and margins.\"},\"base\":{\"target_price\":108,\"prob\":0.5,\"notes\":\"Markets stabilize, flows improve modestly, and valuation rerates slightly.\"},\"bull\":{\"target_price\":126,\"prob\":0.25,\"notes\":\"Stronger equity markets and better flows drive faster earnings growth.\"}},\"method_notes\":\"Valuation uses earnings-power and modest rerating versus snapshot forward P/E, with dividend and cash support considered. Snapshot quote/fundamentals were kept authoritative; no sell-side targets used. not investment advice\"}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:00.000Z",
          "model": "AI Model Recommendation",
          "risks": [
            "Equity market correction cuts AUM and fees.",
            "Persistent outflows in active strategies.",
            "Fee pressure from passive competitors.",
            "Margin erosion from compensation or tech spend.",
            "Regulatory or reputational issues hurt distribution."
          ],
          "ticker": "TROW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.5,
              "notes": "Markets stabilize, flows improve modestly, and valuation rerates slightly.",
              "target_price": 108
            },
            "bear": {
              "prob": 0.25,
              "notes": "Outflows persist and weaker markets pressure fees and margins.",
              "target_price": 80
            },
            "bull": {
              "prob": 0.25,
              "notes": "Stronger equity markets and better flows drive faster earnings growth.",
              "target_price": 126
            }
          },
          "confidence": 0.66,
          "assumptions": {
            "wacc": 9.5,
            "revenue_cagr_3y": 4.5,
            "terminal_multiple": 12.5,
            "ebit_margin_target": 30.5
          },
          "key_drivers": [
            {
              "driver": "AUM tied to markets",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Net client flows",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Strong operating margins",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "5% dividend yield",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Net cash balance sheet",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Fee compression",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Retirement platform demand",
              "impact": "LOW",
              "direction": "POS"
            },
            {
              "driver": "Active-to-passive shift",
              "impact": "HIGH",
              "direction": "NEG"
            }
          ],
          "method_notes": "Valuation uses earnings-power and modest rerating versus snapshot forward P/E, with dividend and cash support considered. Snapshot quote/fundamentals were kept authoritative; no sell-side targets used. not investment advice",
          "current_price": 91.81,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Low earnings multiple discounts weak flow sentiment already.",
            "High dividend yield and net cash support downside.",
            "Margins remain strong despite muted revenue growth.",
            "Market recovery can lift AUM, fees, and operating leverage.",
            "Active management outflow risk tempers upside to moderate buy."
          ],
          "target_price_6m": 100,
          "target_price_12m": 108
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "provider": "openai",
            "webSearch": {
              "used": false,
              "enabled": false,
              "sources": [],
              "maxToolCalls": 2
            },
            "responseId": "resp_0872af5909337d580069d75dfdaa808190bb090368f1f34b9b",
            "reasoningEffort": "medium",
            "structuredOutputs": {
              "used": true,
              "requested": true,
              "disabledReason": null
            }
          },
          "sanityIssues": []
        },
        "latencyMs": 24562,
        "createdAt": "2026-04-09T05:21:58.459Z",
        "usage": {
          "inputTokens": 2389,
          "outputTokens": 999,
          "costUsd": 0.018167
        }
      },
      {
        "id": "cmnr15bk006kyp658ie1c38a4",
        "runId": "cmnr15bjx06kup658bdsflch7",
        "modelId": "xai.grok-4.20-reasoning",
        "status": "SUCCESS",
        "rawOutput": "{\n  \"model\": \"AI Equity Research Model\",\n  \"as_of\": \"2026-04-08T20:00:00.000Z\",\n  \"ticker\": \"TROW\",\n  \"currency\": \"USD\",\n  \"current_price\": 91.81,\n  \"target_price_6m\": 98,\n  \"target_price_12m\": 108,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.62,\n  \"thesis_bullets\": [\n    \"Modest AUM growth from market recovery\",\n    \"Attractive 5% dividend yield supports returns\",\n    \"Low 10x forward P/E offers valuation buffer\",\n    \"Passive shift and competition limit fee growth\",\n    \"Market volatility drives earnings uncertainty\"\n  ],\n  \"key_drivers\": [\n    {\n      \"driver\": \"Equity market AUM impact\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Industry fee compression\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Investment performance track record\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"High dividend yield appeal\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Passive investing competition\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Operating margin stability\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Macroeconomic volatility\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Net client cash flows\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    }\n  ],\n  \"risks\": [\n    \"Continued net outflows\",\n    \"Equity market correction\",\n    \"Intensified fee pressure\",\n    \"Regulatory changes\",\n    \"Key personnel departures\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.045,\n    \"ebit_margin_target\": 0.31,\n    \"wacc\": 0.09,\n    \"terminal_multiple\": 12\n  },\n  \"scenarios\": {\n    \"bear\": {\n      \"target_price\": 75,\n      \"prob\": 0.3,\n      \"notes\": \"Severe market decline erodes AUM and triggers outflows.\"\n    },\n    \"base\": {\n      \"target_price\": 108,\n      \"prob\": 0.5,\n      \"notes\": \"Modest AUM growth and stable fees in neutral markets.\"\n    },\n    \"bull\": {\n      \"target_price\": 135,\n      \"prob\": 0.2,\n      \"notes\": \"Robust markets drive significant AUM and performance fee upside.\"\n    }\n  },\n  \"method_notes\": \"DCF using 4.5% revenue CAGR, 31% EBIT margin, 9% WACC and 12x terminal. Balanced growth vs valuation supports BUY. not investment advice\"\n}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:00.000Z",
          "model": "AI Equity Research Model",
          "risks": [
            "Continued net outflows",
            "Equity market correction",
            "Intensified fee pressure",
            "Regulatory changes",
            "Key personnel departures"
          ],
          "ticker": "TROW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.5,
              "notes": "Modest AUM growth and stable fees in neutral markets.",
              "target_price": 108
            },
            "bear": {
              "prob": 0.3,
              "notes": "Severe market decline erodes AUM and triggers outflows.",
              "target_price": 75
            },
            "bull": {
              "prob": 0.2,
              "notes": "Robust markets drive significant AUM and performance fee upside.",
              "target_price": 135
            }
          },
          "confidence": 0.62,
          "assumptions": {
            "wacc": 0.09,
            "revenue_cagr_3y": 0.045,
            "terminal_multiple": 12,
            "ebit_margin_target": 0.31
          },
          "key_drivers": [
            {
              "driver": "Equity market AUM impact",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Industry fee compression",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Investment performance track record",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "High dividend yield appeal",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Passive investing competition",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Operating margin stability",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Macroeconomic volatility",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Net client cash flows",
              "impact": "MED",
              "direction": "NEG"
            }
          ],
          "method_notes": "DCF using 4.5% revenue CAGR, 31% EBIT margin, 9% WACC and 12x terminal. Balanced growth vs valuation supports BUY. not investment advice",
          "current_price": 91.81,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Modest AUM growth from market recovery",
            "Attractive 5% dividend yield supports returns",
            "Low 10x forward P/E offers valuation buffer",
            "Passive shift and competition limit fee growth",
            "Market volatility drives earnings uncertainty"
          ],
          "target_price_6m": 98,
          "target_price_12m": 108
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "provider": "xai",
            "webSearch": {
              "used": false,
              "enabled": false,
              "sources": [],
              "maxToolCalls": 2
            },
            "responseId": "3eeaae9e-e625-9e4c-b5e8-494b602423a7",
            "usedFallbackChatCompletions": false
          },
          "sanityIssues": []
        },
        "latencyMs": 18981,
        "createdAt": "2026-04-09T05:21:58.459Z",
        "usage": {
          "inputTokens": 2728,
          "outputTokens": 3240,
          "costUsd": 0.056784
        }
      }
    ]
  }
}