Goldman downgrades Ameriprise to Neutral after year-to-date rally

Goldman Sachs analyst Alexander Blostein downgraded Ameriprise to Neutral from Buy with a price target of $476, down from $485. The stock, after rallying 23% year-to-date, offers a more balanced risk/reward amid rising earnings risks and limited room for a further valuation re-rating, the analyst tells investors in a research note. The firm sees downside risks to Ameriprise’s cash revenues, saying its floating balances will reprice lower and net interest income benefits from repricing of fixed maturities at the bank seem less likely amid current forward curves.