UPDATE: Wolfe Research Starts Ameriprise Financial (AMP) at Outperform
- S&P 500, Dow hit new highs with heavy week of earnings on tap
- Tesla (TSLA) Joins Apple, Amazon, Microsoft, Google in Trillion Dollar Club
- PayPal (PYPL) Stock Soars Over 6% on Confirmation It Won't Acquire Pinterest (PINS) 'At This Time'; PINS Stock Down 11%
- Biggest Single EV Purchase Ever: Tesla (TSLA) Stock Soars as Hertz Orders 100,000 EVs in $4.2 Billion Deal, Analyst Bulled-up
- Oil prices reach multi-year highs on tight supply
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.
You May Also Be Interested In
- UPDATE: Roth Capital Starts Aeye Inc. (LIDR) at Buy
- Street Initiates New Coverage of Warby Parker (WRBY) With Primarily Positive Ratings, Seen as a Top ESG Stock to Own
- Bank Negara Indonesia (BBNI:IJ) (PTBRY) PT Raised to IDR5,940 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Hot New Coverage, New Coverage
Sign 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!