Raymond James analyst Wilma Burdis double upgraded Ameriprise (AMP) to Strong Buy from Market Perform with a $518 price target The firm expects Ameriprise to perform well in a wide range of interest rate environments due to its diversified revenue mix. Advice and wealth management, which represents 60% of the company’s earnings, is less interest rate sensitive given that 83% of the bank portfolio is invested in 3-4 year dated fixed rate securities, the analyst tells investors in a research note. Raymond James also thinks the advisor recruiting environment is moving in Ameriprise’ favor, given potential pressures on private equity backed advisor aggregators.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AMP:
- Ameriprise price target lowered to $594 from $603 at BofA
- Ameriprise price target raised to $542 from $507 at Morgan Stanley
- Cautious Hold Rating on Ameriprise Financial Amid Adjusted Earnings and Market Conditions
- Ameriprise Financial Appoints Glynis Bryan as Director
- Ameriprise price target raised to $582 from $560 at Argus