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Waddell & Reed Shares Fall On Downgrade

Stock quotes in this article: BLK , CLMS , FII , RJF  

DES MOINES, Iowa (AP) — Shares of investment manager Waddell & Reed Financial Inc. fell Wednesday after the company's strong recent stock performance led to a downgrade based on valuation.

Waddell & Reed shares fell 93 cents to $17.55 in afternoon trading.

Analysts at Credit Suisse downgraded the company to "Neutral" from "Outperform" but raised first-quarter profit estimates to 20 cents from 18 cents and fiscal 2009 estimates to 90 cents from 85 cents. The adjustment reflects positive returns in the company's funds, analyst Craig Siegenthaler said. ...

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