Ameriprise upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded Ameriprise to Buy from Neutral with a price target of $452, up from $355. Despite prospects of lower interest rates, Ameriprise is likely to deliver a solid mid-teens earnings growth, supported by its durable cash revenues with relatively limited exposure to floating-rate assets, “best-in-class” expense discipline and “robust and the most consistent” share repurchase program in the space, the analyst tells investors in a research note. The firm expects higher levels of engagement and flows within its wealth business, driving an overall organic growth rate higher into 2024.