UPDATE: Credit Suisse Trims Target to $64 on Ameriprise Financial

Credit Suisse reiterates its Outperform rating on Ameriprise Financial

and lowers its price target by $1 to $64 on weaker than expected brokerage margins that outweighed solid asset management results for the quarter. Credit Suisse says, "Though we were relieved to see in line Asset Management earnings and somewhat better than expected net flows, we were surprised by weakness in A&W, which had been a consistent strong point in previous quarters. We expect a rebound in Q1 in A&W as the daily average account value is up ~7% QTD and higher transaction fees should result in improving margins in the segment. We also note that the company maintained an excess capital position above $2b which will enable it to continue to manage capital aggressively going forward." AMP closed at %54.78 a share yesterday.