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Fly News Breaks for October 5, 2015
WDR
Oct 5, 2015 | 08:12 EDT
Citi analyst William Katz says consensus estimates for Waddell & Reed still have a "long way to fall." Katz believes performance issues and looming Department of Labor risks should shift the question from will Waddell be sold to is Waddell salvageable? The analyst thinks a "much smaller" Waddell is likely to emerge, making it difficult for a strategic buyer to step up right now. He cut his price target for shares to $29 from $32.50 and keeps a Sell rating on the name.
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