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S&P Downgraded Ameriprise Financial (AMP) from Buy to Hold

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S&P Downgraded Ameriprise Financial AMP from Buy to Hold

S&P downgraded Ameriprise Financial (NYSE: AMP) from Buy, to Hold, based on price appreciation, in the Apr. 22, edition of The Outlook. Since market mavens have been decrying the lack of the individual investor in this stock rally, one wonders if Ameriprise, which is the old American Express Financial Advisors, has limited upside, until the individual investor returns.

“We think rising markets and continuing inflows to wrap accounts and mutual funds will help management fee income in the first quarter. Investment income should also benefit from improved liquidity in the bond markets. We also expect an immediate earnings boost (not yet included in our estimates) once the Columbia Asset Management acquisition is completed. We kept our 2010 EPS estimate at $3.33 and initiated 2011’s at $3.85. But we now see limited upside to our $50 target price, which at 15 times our 2010 EPS forecast is based on a discounted multiple to asset management peers.”

 

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