UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on Waddell & Reed Financial

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Waddell & Reed Financial

, but slightly lowered its price target from $37.00 to $36.00. BofA Merrill Lynch noted, “Waddell & Reed has among the best organic growth rates of the asset managers, as well as a high proportion of 4- and 5-star Morningstar-rated equity funds. Its largest fund, Asset Strategy, is a flexible fund which can adapt to markets and sell in down as well as up markets. Its chief risk is concentration risk, as half of its recent inflows and about 33% of its AUM are concentrated in Asset Strategy.” Waddell & Reed Financial closed on Tuesday at $29.09.