Ameriprise Financial (AMP) was downgraded by BofA Securities to Underperform with a 445 price target, versus Friday's close around 501. The move accompanies other downgrades across BXP, MDXH, AOS and LCII, indicating a potential broader sentiment shift for large-cap names. Near-term pressure on AMP could arise as investors reprice risk and recalibrate expectations.
Ameriprise Financial announced the independent-channel hire of Kevin King, who manages about $160 million in assets. The move highlights AMP's ongoing advisor recruiting and platform enhancements, including enhanced client experience, MoneyGuide planning tools, and high-net-worth capabilities like direct indexing, potentially expanding AUM and growth.
Ameriprise Financial reported a 10% increase in fourth-quarter profits driven by a market rally fueled by artificial intelligence, which in turn boosted its fee-generating assets to record highs. This positive performance suggests strong fundamentals and potential for continued growth in AMP's asset management capabilities.
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