Ameriprise price target lowered to $550 from $601 at RBC Capital

RBC Capital lowered the firm’s price target on Ameriprise (AMP) to $550 from $601 and keeps an Outperform rating on the shares after its Q3 results. Wrap net flows related to two team departures were a focus in the quarter, and while the management upped advisor comp packages on the margin, the distribution expense ratio is likely to remain within 66%-67% range, the firm added.