Ameriprise Financial (AMP) NewsBite - AMP Hits New 52 Week High

Posted: Thursday, October 01, 2009 11:48 AM EDT

Ameriprise Financial (AMP) was upgraded today by analysts at Bernstein and the stock is now at $36.72, up $.39 (1.07%) on volume of 3,061,891 shares traded. The brokerage lifted its price target on the stock to $44 from $38. Over the last 52 weeks the stock has ranged from a low of $11.74 in 11/21/2008 to a high of $37.72 today. Ameriprise Financial stock has been showing support around $33.06 and resistance in the $39.00 range. Technical indicators for the stock are bearish and S&P gives AMP a negative 2 STARS (out of 5) sell ranking. The stock has been moving higher following increased price target. If you are looking for a hedged play on AMP the stock seems like it could be a candidate for a Nov out-of-the-money bull-put credit spread below the 30 range. [ABR-Seven Summits Strategic Investments NewsBite]

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