Ameriprise Financial (AMP) PT Raised to $480 at BofA Securities

BofA Securities analyst Craig Siegenthaler raised the price target on Ameriprise Financial (NYSE: AMP) to $480.00 (from $470.00) while maintaining a Buy rating.

The analyst comments "While AMP reported 1Q24 results with some puts and takes (normalized op EPS was likely close to our expectations), our thesis remains intact. We continue to see: potential benefit for AMP if clients start to re-allocate cash to wrap accounts or other risk assets; and 30%+ op margins in A&WM this year. Further, AMP continues to see benefit from expense save initiatives. We maintain our Outperform rating, as we favor the strong fundamentals in the A&WM business and the capital-return story. Revising PT to $480 (from $470)."

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