Ameriprise price target raised to $535 from $500 at RBC Capital

RBC Capital raised the firm’s price target on Ameriprise to $535 from $500 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results for U.S. Asset Managers. Based on the firm’s analysis of ICI data, RBC believes that fixed income organic growth in the sector likely further improved sequentially during Q3, and its analysis of Simfund retail fund data also suggests that industry fixed income net flows likely remained positive through all the months year-to-date, the analyst tells investors in a research note. The firm adds that given the very strong market appreciation in the quarter, it believes that asset managers could see margin benefit from operating leverage in the quarter.