UBS Cuts Price Target on Ameriprise Financial (AMP) After Meeting with Management
Get Alerts AMP Hot Sheet
Rating Summary:
12 Buy, 5 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
Join SI Premium – FREE
UBS reiterated a Buy rating on Ameriprise Financial (NYSE: AMP), and cut the price target to $120.00 (from $125.00), after meeting with management. AMP expects near-term productivity to be negatively impacted as advisors focus on client outreach related to compliance.
Analyst Suneet Kamath commented, "AMP expects quarterly expenses of $7-8 million (pre-tax) likely through YE 2017 associated with complying with the DOL's new fiduciary standard. Moreover, the company expects near-term productivity could be negatively impacted as advisors focus on client outreach related to compliance. As such, we are holding our Advice & Wealth Management pre-tax margin forecasts at ~17% through 2017. Along with an FX headwind in UK-based Threadneedle, these items drive reductions in our 2016 EPS estimate from $9.80 to $9.55 and our 2017 EPS estimate from $11.40 to $10.95. We also lower our price target from $125 to $120, based on this revised earnings forecast."
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 $85.52 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- China Resources Beer Holdings Co Ltd. (291:HK) (CRHKY) PT Raised to HK$44.67 at Jefferies
- Harvard Bioscience Inc. (HBIO) PT Raised to $6.75 at Singular Research
- UBS Reiterates Sell Rating on Buckle, Inc. (BKE)
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT ChangeRelated Entities
UBS, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!