The AMP share price looks set to make a run that will aim for new record highs, as analysts’ consensus is for a price target as high as 317 in the medium term.
A CNN Money report says that eight analysts have provided a BUY stock rating, with a median price outlook of $295 for the next few months. The recent ratings indicate that the high and low price points lie at $317 and $265, respectively. This median price outlook leaves the AMP share price with room for additional upside.
Ameriprise Financial had reported Q2 adjusted earnings of $5.27 previously, which was slightly above estimates, with a revenue of $3.42 billion against a consensus of $2.71 billion.
The company has launched a series of investment products in 2021, which have raised its investment profile and led to a 50 YTD increase in its share price.
The AMP share price outlook indicates that bulls can target the 273.68 resistance level, having cleared the 266.85 price support. 278.17 becomes a new target if the advance continues beyond 273.68, after which new record highs will form.
On the other hand, the bears would be looking for a decline below 266.85 for 260.40 to come into the picture. Additional downside targets are found at 251.42 and 244.78. A further reduction in the stock price will allow the bears to attain 236.19 (18 June/19 July lows).
Follow Eno on Twitter.