UPDATE: Bank of America Lowers Price Target on Waddell & Reed to $36

According to Bank of America, Waddell & Reed Financial

price target is lowered to $27.45. Bank of America said that it is trimming its ‘12E and ‘13E on higher expected comp and slightly greater distribution expense. “But we also see the 7% sell-off in shares Tuesday as overdone, particularly considering WDR's assets and performance have both bounced this year (AUM +6.5% so far), suggesting quite a bit of offset.” Waddell & Reed Financial closed yesterday at $27.45.