UPDATE: Bank of America Lowers Price Target on Waddell & Reed to $36
According to Bank of America, Waddell & Reed Financial (NYSE: WDR) price target is lowered to $27.45.
Bank of America said that it is trimming its ‘12E and ‘13E on higher expected comp and slightly greater distribution expense. “But we also see the 7% sell-off in shares Tuesday as overdone, particularly considering WDR's assets and performance have both bounced this year (AUM +6.5% so far), suggesting quite a bit of offset.”
Waddell & Reed Financial closed yesterday at $27.45.
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