Ameriprise shares fall as BofA double-downgrades stock on advisor attrition

Investing.com -- Ameriprise Financial Inc (NYSE:AMP) shares slipped 3.6% on Monday after BofA Securities double-downgraded the wealth management firm, warning that an accelerating exodus of high-value financial advisors threatens to weigh on earnings and squeeze profit margins. Analyst Craig Siegenthaler slashed his rating on the stock to Underperform from Buy while trimming his price target to $445 from $570, projecting a potential 10% total negative return for investors.