UPDATE: Sterne Agee Lowers Price Target on Ameriprise Financial to $54

According to Sterne Agee, Ameriprise Financial

price target is lowered to $54. Sterne Agee said that Core operating EPS of $1.27 was well shy of core estimate of $1.38, driven by sizeable shortfalls in the two higher multiple businesses. “We are reducing our 2012/13E EPS from prior $6.21/$6.81 to new $5.35/$6.35, respectively. As a result of the significant cut in our estimates, our PT drops from prior $62 to new $54, still based on 10x 2012E EPS.” Ameriprise Financial closed yesterday at $54.78.