UPDATE: Sterne Agee Lowers Price Target on Ameriprise Financial to $54
According to Sterne Agee, Ameriprise Financial (NYSE: AMP) price target is lowered to $54.
Sterne Agee said that Core operating EPS of $1.27 was well shy of core estimate of $1.38, driven by sizeable shortfalls in the two higher multiple businesses. “We are reducing our 2012/13E EPS from prior $6.21/$6.81 to new $5.35/$6.35, respectively. As a result of the significant cut in our estimates, our PT drops from prior $62 to new $54, still based on 10x 2012E EPS.”
Ameriprise Financial closed yesterday at $54.78.
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