UPDATE: UBS Starts Ameriprise Financial (AMP) at Buy; Strong Upside Plus Buyback Limits Downside

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(Updated - July 18, 2012 11:28 AM EDT)

UBS initiates coverage on Ameriprise Financial (NYSE: AMP) with a Buy. PT $60.00.

Analyst, Suneet Kamath, said, "We rate AMP Buy given its improving business mix favoring low capital-intensive segments (i.e., Advice & Wealth Management and Asset Management). These segments offer stronger free cash flow generation and tend to be more transparent than traditional insurance business. As such, both segments have traditionally been awarded higher multiples by investors. We believe AMP is poised for multiple expansion as it continues to increase its earnings contribution from these segments."

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 $51.26 yesterday, with a 52 week range of $36.00-$58.68.

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