UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Ameriprise Financial on Upside with Some Offsets

In a report published Tuesday, Morgan Stanley analyst Nigel Dally reiterated an Overweight rating on

, but lowered the price target from $135.00 to $130.00. In the report, Morgan Stanley noted, “We view Ameriprise as an attractive accumulation story, with expanding margins and substantial capital management, which together are expected to lead to further solid EPS growth. This quarter's results showed further substantial progress, in particular in its advice operations where results were considerably well above our prior expectations on favorable revenues as well as contained expenses. Coupled with capital management, core EPS continued to surprise to the upside. That said, there were still some blemishes. Asset management outflows remained substantial, while the Protection segment was hit by both adverse weather and auto bodily injury reserve charges. In aggregate though, we viewed the results favorably, and are raising our estimates accordingly. We continue to view the company as one of the most attractive accumulation stories in the industry and are reiterating our Overweight rating on the stock.” Ameriprise Financial closed on Monday at $103.51.