Goldman Sachs Downgrades T. Rowe Price, Upgrades Ameriprise (TROW, AMP)

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Analysts at Goldman Sachs on Monday removed T. Rowe Price Group, Inc. ( TROW ) from its "Conviction Buy" List, replacing it with rival money manager Ameriprise Financial, Inc. ( AMP ).

The firm said it maintained its "Buy" rating and $77 price target for TROW, which still suggests a 20% upside to the stock's Friday closing price of $62.52.

Meanwhile, Goldman replaced TROW on its "Conviction Buy" List with Ameriprise. It also set a $75 price target on AMP, which implies a 25% upside to the stock's Friday closing price of $61.20.

The analyst commented, "given Ameriprise's continued business mix shift toward capital-light asset/wealth management businesses, improving margins amid the Columbia integration and a significant buyback opportunity, we see a clearer path to upside [compared with TROW]."

Both Ameriprise and T. Rowe Price shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of T.Rowe Price ( TROW ) have a 1.98% dividend yield, based on Friday's closing stock price of $62.52. Shares of Ameriprise ( AMP ) have a 1.50% dividend yield, based on Friday's closing stock price of $61.20.

T. Rowe Price Group, Inc. ( TROW ) and Ameriprise Financial, Inc. ( AMP ) are both rated "Neutral," holding Dividend.com DARS™ Ratings of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks
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