- Piper Sandler downgraded Ameriprise (NYSE:AMP) to Underweight from Neutral as the benefit from higher Fed funds rates isn't expected to be enough to offset the drag from financial market volatility on fee levels. Ameriprise (AMP) shares are slipping 1.8% in midday Wednesday trading.
- In addition, the company's acquisition of BMO EMEA asset management business, completed in November, gives Ameriprise (AMP) more exposure in Europe, which "we believe is facing greater relative economic cooling given geopolitical & energy uncertainty in that region," Piper analysts wrote.
- Still, the firm doesn't expect Ameriprise (AMP) shares to decline, but that they will underperform on a relative basis.
- The Underweight rating compares with the SA Quant rating of Neutral and contrasts with the average Wall Street rating of Buy.
- Ameriprise's (AMP) Q4 results were helped by client flows and asset growth
Ameriprise cut to Underweight at Piper as market volatility seen hurting fees
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Symbol | Last Price | % Chg |
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AMP | - | - |
Ameriprise Financial, Inc. |