Deutsche Bank Downgrades Ameriprise Financial (AMP) to Hold
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Deutsche Bank downgraded Ameriprise Financial (NYSE: AMP) from Buy to Hold.
Analsyt Brian Bedell said, "We rate AMP shares as a Hold. While we expect the company's earnings growth and ROE to continue to benefit from improving fundamentals in the Advice & Wealth Management segment, we cannot ignore the increased uncertainty that the DOL fiduciary rule, which begins to be implemented in April 2017, brings. We also point to continued net flows pressure in Asset Management, which may be intensified by the DOL implementation in 1Q17. These may limit the capacity for re-rating, and even pose the risk for correction, despite the continued shift in business mix away from capitalintensive businesses and robust excess capital and capital deployment."
"Against that, we note that with Ameriprise often benchmarked to life insurers, we believe that it is well positioned in that group to better fair the weak interest rate environment in the long end while uniquely positioned to benefit from the short end, should the Fed hike rates this year," added the analyst.
Shares of Ameriprise Financial closed at $98.70 yesterday.
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