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Citi Cuts Waddell & Reed To Sell Ahead Of Choppy Asset Manager Earnings

With asset managers preparing to report third-quarter earnings, Citi’s William Katz isn’t too enthusiastic. Katz writes that investor sentiment is fairly negative for traditional asset managers and broker/dealer firms have relatively high valuation. He sees some opportunity in the space, but writes that investors have to be selective; he also downgraded Waddell & Reed (WDR) to Sell with a $14.
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