Argus lowered the firm’s price target on Ameriprise (AMP) to $550 from $582 and keeps a Buy rating on the shares. The company has generated solid revenue in recent quarters, but the firm expects revenues in Q2 to decrease due to macroeconomic uncertainty and limited growth in Advice & Wealth Management, the analyst tells investors in a research note. The long-term growth at Ameriprise will be driven by expansion in the number of financial advisers, an increase in fee-based accounts, improving revenues from asset manager Columbia Threadneedle, and the EMEA asset management unit, Argus adds.
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