Ameriprise price target lowered to $385 from $400 at RBC Capital

RBC Capital analyst Kenneth Lee lowered the firm’s price target on Ameriprise to $385 from $400 but keeps an Outperform rating on the shares. The company’s Q1 earnings beat was largely due to lower than expected tax rate and the sequential decline in cash sweep balances was in focus, the analyst tells investors in a research note. RBC adds however that it continues to like the strong fundamentals within the Ameriprise Asset Management and Wealth Management segments as well as its capital return story.