UPDATE: Wolfe Research Starts Ameriprise Financial (AMP) at Outperform
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Wolfe Research analyst Steven Chubak initiates coverage on Ameriprise Financial (NYSE: AMP) with a Outperform rating and a price target of $328.00.
The analyst comments "We are initiating coverage of Ameriprise (ticker: AMP) with an Outperform rating and a $328 PT (18% upside). We continue to be bullish on the Retail Broker space (~19% average upside across the group), and while AMP is the least rate sensitive (~8% upside from +100bps vs. ~26% for Retail Broker peers), we still see attractive risk / reward skew, largely from idiosyncratic “self-help levers” including insurance de-risking actions and growing the bank. Based on our sum-of-the-parts analysis, we see 12x as an appropriate target multiple (supporting $328 TP, 18% upside), but execution of self-help levers and/or higher run-rate organic growth would justify a 13-14x multiple, more in-line with pureplay Wealth Managers."
Shares of Ameriprise Financial closed at $277.23 yesterday.
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