Barclays Positive on Ameriprise Financial (AMP) After Meeting with Company CEO & CFO

June 12, 2012 5:22 PM EDT Send to a Friend
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Price: $134.33 +0.01%

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Barclays maintains an 'Overweight' on Ameriprise Financial (NYSE: AMP) price target of $72.00.

Analyst, Jay Gelb, commented after meeting with the company Chairman/CEO and CFO.

Gelb said, "AMP is focused on improving margins and earnings despite a challenging macro environment. In the meantime, we expect AMP to deploy nearly all its annual earnings in the form of share buybacks (10%+ of market cap annually) and dividends (2.9% yield). AMP appears confident in its ability to achieve its long-term goals of 12%-15% EPS growth and 6-8% revenue growth, although it likely faces challenges near-term."

A few other points taken away from the meeting were: 1) margin goals may come a little later than previously expected; 2) outflows in asset mgmt business were from another business relationship and should be concluded by Q212; and 3) share buyback plan could go as high as $300 million per quarter.

For an analyst ratings summary and ratings history on Ameriprise Financial click here. For more ratings news on Ameriprise Financial click here.

Shares of Ameriprise Financial closed at $47.57 yesterday.


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