Piper Sandler raised the firm’s price target on Ameriprise (AMP) to $422 from $415 and keeps an Underweight rating on the shares. While this was definitely a reported beat, that the driver was primarily Corporate and taxes suggests a low quality beat as underlying earnings power is less than investors were expecting for Q4 and prospectively out of its largest business – Advice & Wealth Management, the firm notes. Piper believes “we have entered the period of EPS estimate reductions at AMP” that are more company-specific in nature.
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