Waddell & Reed Financial Inc. had its shares downgraded and its full-year profit estimate slashed by Sandler O'Neill & Partners LP analyst Michael Kim.
He downgraded Waddell to "sell," from "hold," and trimmed his previous full-year profit estimate by 5 cents to $1.66 per share, due in large part to “diminished net flow assumptions.”
Mr. Kim estimated that market losses have contributed to the Overland Park, Kan.-based asset manager’s loss of about $3 billion of assets since June 30.
Waddell had $70.1 billion in assets under management as of June 30.
Sandler O'Neill & Partners is a financial services research firm based in New York.
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