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UPDATE: Keefe, Bruyette & Woods Downgrades Waddell & Reed Financial As Flow Trends Weigh On Stock

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In a report published Wednesday, Keefe, Bruyette & Woods analyst Robert Lee downgraded the rating on Waddell & Reed Financial (NYSE: WDR) from Outperform to Market Perform, and lowered the price target from $74.00 to $63.00.

In the report, Keefe, Bruyette & Woods noted, “We thought it was a largely as expected quarter on an operating basis as most of the beat was from higher investment income and a lower tax rate, with net inflows of +$1.2bn in-line with our +$1bn forecast. However, commentary that flow trends weakened through the quarter and are about -$1bn QTD contributed to weakness in the stock. Adjusting estimates and PT.”

Waddell & Reed Financial closed on Tuesday at $55.41.

Latest Ratings for WDR

DateFirmActionFromTo
Oct 2019MaintainsUnderweight
Sep 2019DowngradesNeutralUnderperform
Apr 2019UpgradesUnderperformNeutral

View More Analyst Ratings for WDR
View the Latest Analyst Ratings

Posted-In: Keefe Bruyette & Woods Robert LeeAnalyst Color Downgrades Analyst Ratings

 

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