Citi Raising Target On Ameriprise Financial (AMP)

Citi Investment Research is raising its price target on Ameriprise Financial, Inc. AMP to $56 from $50 and is keeping its Hold/Medium Risk rating on shares. In a note sent to clients Citi writes, "The change to our rating is primarily valuation driven as we have also raised our target price to $56 and increased our 2010-2012E to $4.50, $5.35, and $5.85, respectively. Following AMP's recent Investor Day and consistent with our improved risk assessment and earnings outlook, we have even greater confidence in management's ability to both successfully integrate Columbia Asset Management and continue to achieve strong growth from the Advice & Wealth Management retail brokerage operations. But, following a YTD 33.5% rise in the share price, that upside is now captured by a full relative valuation at an approximate 20% premium to the life peer group." Shares of AMP lost 39 cents on Friday to close at $51.81, a loss of 0.75%.