In a report published Wednesday, Keefe, Bruyette & Woods analyst Robert Lee downgraded the rating on Waddell & Reed Financial WDR from Outperform to Market Perform, and lowered the price target from $74.00 to $63.00.
In the report, Keefe, Bruyette & Woods noted, “We thought it was a largely as expected quarter on an operating basis as most of the beat was from higher investment income and a lower tax rate, with net inflows of +$1.2bn in-line with our +$1bn forecast. However, commentary that flow trends weakened through the quarter and are about -$1bn QTD contributed to weakness in the stock. Adjusting estimates and PT.”
Waddell & Reed Financial closed on Tuesday at $55.41.
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