Ameriprise price target raised to $460 from $440 at Argus

Argus raised the firm’s price target on Ameriprise to $460 from $440 and keeps a Buy rating on the shares after its Q1 earnings beat last month. The company has generated solid revenue in recent quarters, driven by net inflows, the addition of experienced advisers, and growth at the Ameriprise Bank, partly offset by equity and fixed income volatility, the analyst tells investors in a research note. The firm adds that it expects long-term growth at Ameriprise to be driven by expansion in the number of financial advisers, an increase in fee-based accounts, improving revenues from asset manager Columbia Threadneedle, and the acquisition of Bank of Montreal’s EMEA asset management unit.