Ameriprise Financial Inc. ( AMP ) has hit a new record high of $102.26 as analysts at UBS raised their price target on the stock following the company's positive earnings announcement. AMP kept its quarterly dividend of $0.52 per share.
UBS said it was raising its share price target to $110 from $101.
Importantly, both Advice & Wealth Management and Asset Management announced "clean" results and exceeded our estimates by 5% and 16%, respectively, UBS said in a research note. "We attribute the upside surprise to better-than-expected operating leverage as revenue growth benefited from market appreciation while G&A was relatively flat."
The stock was recently trading at $101.52, or up 2.1%, setting a new high for its $56.13-$102.24 52-week range.
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