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Fly News Breaks for May 24, 2016
WDR
May 24, 2016 | 06:39 EDT
Citi analyst William Katz views the retirement of Waddell & Reed CEO Hank Herrmann as a "negative in the short-term for several reasons." Investors may question "the breadth of the change" with Herrmann remaining on as non-executive Chairman, Katz tells investors in a research note. Further, he believes a company sale not imminent, which he points out was a recent bullish argument, and that management changes could add further pressure to already elevated attrition. The analyst keeps a Sell rating on Waddell with a $20 price target.
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