BofA Double-Downgrades Ameriprise Financial to Underperform, Cuts Price Target to $445 from $570

Bank of America Securities issued a double downgrade of Ameriprise Financial (NYSE: AMP) on Monday, cutting its rating to Underperform from Buy and slashing its price target to $445 from $570, a level that implies roughly an additional 11% decline from where the stock was trading at the time. The bank cited slower growth concerns as the central driver, with analysts pointing specifically to retention bonuses being paid out amid an advisor exodus as a factor likely to pressure the company's margins.

Shares of Ameriprise fell nearly 4% on the session following the downgrade, which was among the most closely watched analyst moves of the day. The action put AMP on a broad list of Monday downgrades alongside names including PayPal, Whirlpool, and Canadian National Rail.

Separately, IFP Advisors Inc disclosed in an SEC filing that it raised its position in Ameriprise by 1,018.7% during the third quarter, purchasing an additional 12,499 shares to bring its total holding to 13,726 shares, a move that ran counter to the bearish Wall Street sentiment expressed by BofA on the same day.