Goldman Sachs Upgrades Waddell & Reed (WDR) to Neutral

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Goldman Sachs upgraded Waddell & Reed (NYSE: WDR) from Sell to Neutral with a price target of $39.00 (from $31.00).

The firm cited better relative performance for Asset Strategy (WASAX), improving complex-level equity flows and a better margin profile.

Goldman raised 2013/2014 EPS estimates to $2.69/$2.99 from $2.39/$2.70 on more positive flow/margin assumptions and 1Q13 to date market performance and introduce our 2015 estimate of $3.42.

For an analyst ratings summary and ratings history on Waddell & Reed click here. For more ratings news on Waddell & Reed click here.

Shares of Waddell & Reed closed at $39.14 yesterday, with a 52 week range of $26.55-$41.35.

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