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Sandler O'Neill upgrades Ameriprise Financial to 'buy,' says sell-off now over

Sandler O'Neill analysts John Barnidge, Paul Newsome and Tom Shimp upgraded Ameriprise Financial Inc. to "buy" from "hold."

Ameriprise Financial's price target is set at $120, an increase from the previous price target of $114.

In upgrading Ameriprise Financial's stock, the analysts believe that the recent weakness in share price, due to tax loss selling and various liquidations meant to satisfy fund redemptions, has created strong upside potential for the company. The analysts say the sell-off led to a disconnect between the company's stock valuations and fundamental trends.

The analysts pointed out the company's investment strengths, including consistent share repurchases, large distribution force of affiliated financial advisers, diversified risk profile from a variety of revenue sources and favorable demographics due to the increased longevity of baby boomers.