UPDATE: Credit Suisse Downgrades Ameriprise Financial to Neutral on Valuation
Credit Suisse downgraded its rating on Ameriprise Financial (NYSE: AMP) from Outperform to Neutral and raised the price target from $65.00 to $67.00.
Credit Suisse commented, "Although AMP remains the best capital return story in our coverage universe with anticipated 2013 total capital deployment well above free cash flow and GAAP operating earnings, we think the company's ability to return capital in 2013 is now fully reflected in the stock following the recent move in shares (+5% YTD and +16% since mid-November). Specifically, we see some fundamental weakness in Columbia as reflected in SimFunds flow data. 4Q12 appears to have been another relatively weak flow quarter at AMP, with an estimated $1.7b in outflows in November and $1b in October, with no apparent one timers in those numbers (although we expect some of the outflows stem from the retirement of the V&R fund PM)."
Ameriprise Financial closed at $65.25 on Monday.
Latest Ratings for AMP
|Mar 2016||SunTrust Robinson Humphrey||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.