BofA downgrades Ameriprise to underperform, cites advisor retention issues

BofA Securities downgraded Ameriprise Financial to Underperform from Buy, cutting the price target to $445 from $570. Five advisory teams departed from May to September, overseeing $12.75 billion in assets. Retention bonuses may weigh on margins. Organic growth projected at 1.6% next year, well below peers. Shares fell 3.2%.