- Citing steady revenues over the recent quarters due to the strong wrap flows and rising short-term interest rates, Argus initiates Ameriprise to buy and sets PT to $177.
- The company will grow from equity market volatility, an increase in fee-based accounts, and future revenues from Ameriprise Bank, while the company would struggle with flattening yield curve and a shift in the Fed interest rate policy.
- Heal further adds that the company is valued at 9-times his expected FY19 earnings multiple, below the historical average of 11-times and the peer average of 13-times.
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AMP +0.6% to $148.70.