Ameriprise downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Ameriprise (AMP) to Underweight from Equal Weight with a price target of $530, up from $462. The firm has become more selective the brokers and exchanges group citing normalized volatility and trading volumes. It cites Slower growth at Ameriprise relative to peers for the downgrade. The stock’s valuation is in-line with peers on 2027 estimates despite slower growth, the analyst tells investors in a research note.