Fly News Breaks for March 5, 2020
Mar 5, 2020 | 06:59 EDT
Citi analyst Suneet Kamath lowered the firm's price target on Ameriprise to $176 from $200 but reiterates a Buy rating on the shares. Considering the Fed's 50 basis point rate cut and other factors like the recent equity market decline, the analyst reduced Ameriprise's 2020 earnings per share estimate from $18.50 to $17.65 and 2021 estimate from $20.70 to $19.75. However, expense cuts and incremental buybacks will offset some of the earnings and margin pressure, Kamath tells investors in a research note.
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