Ameriprise price target lowered to $438 from $445 at Evercore ISI

Evercore ISI lowered the firm’s price target on Ameriprise to $438 from $445 and keeps an In Line rating on the shares. After Ameriprise reported adjusted operating EPS of $8.39, roughly in line with the firm’s $8.40 estimate and above the Street view at $8.20, the firm called it “a decent quarter,” but added that it was hoping for better than a 4%-5% sequential improvement in AWM earnings given the strong markets in Q1. Following the quarter, the firm lowered its forward estimates by around 2% to reflect a lower AWM run rate than it had expected and cut its price target by a similar amount.