UPDATE: Wolfe Research Starts Ameriprise Financial (AMP) at Outperform

October 12, 2021 6:02 AM EDT
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Price: $296.11 -0.21%

Rating Summary:
    12 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 12 | New: 29
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(Updated - October 12, 2021 6:03 AM EDT)

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."

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 $277.23 yesterday.

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