Goldman Sachs Maintains Buy Rating and $60 PT on Ameriprise Financial

A report from Goldman Sachs reiterates its Buy rating and $60 price target on Ameriprise Financial (NYSE: AMP).

The report states, “We see AMP as one of the best capital return stories in large-cap financials (annual buybacks/dividends are 17% of market cap), with favorable secular trends, trading at a 25% discount to the level warranted by its earnings mix. We see high levels of capital returns as sustainable given AMP's high excess capital ($2 bn+, with 90% of earnings adding to this amount) and EPS mix still shifting toward low-capital-intensive Asset/Wealth Management.”

AMP closed yesterday at $45.35.