Ameriprise Financial falls after BofA downgrades stock

By Reuters News

** Wealth manager Ameriprise Financial's AMP.N shares fall 3.8% to $481.80

** BofA Global Research downgrades stock to "underperform" from "buy"; cuts PT to $445 from $570, a 11% downside to last close

** Brokerage cites retention challenges behind downgrade, with AMP grappling with an acceleration in large adviser team departures

** BofA forecasts AMP's headcount to inflect negative in 2026 excluding Huntington Bank win and net new assets to lag LPL Financial LPLA.O and Raymond James RJF.N in 2027

** 7 of 16 brokerages rate the stock "buy" or higher, 8 "hold" and 1 "sell"; median PT $560.50 - data compiled by LSEG

** As of last close, AMP stock up 2.1% YTD

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