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Fly News Breaks for January 31, 2018
WDR
Jan 31, 2018 | 06:22 EDT
Citi analyst William Katz upgraded Waddell & Reed to Neutral following the company's Q4 results. The analyst believes the Street is "markedly overstating" the company's expense growth in 2018-2020. As such, he believes Waddell's underlying earnings power is "much higher" than previously anticipated. Katz raised his price target for the shares to $24 from $22.
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