In a report published Wednesday, Citigroup reiterated its Neutral rating on Waddell & Reed Financial WDR, and raised its price target from $35.00 to $39.00.
Citigroup noted, “While the flow outlook is improved into 2013 – and bouncing from a tough 4Q – we remain on the sidelines as: 1) valuation appears full; and, 2) we see better capital return stories elsewhere in our coverage. Stock bounced on 1/29 on the notion flows are inflecting into 1Q with equities additive to already strong FI volumes. That said, key from here will be sustainability beyond typical seasonal patterns and slower redemption activity. We prefer WETF and BLK among Traditionals when overlaying valuation + flow/EPS leverage.”
Waddell & Reed Financial closed on Tuesday at $39.14.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in