Wells Fargo analyst Michael Brown has maintained their bullish stance on LPLA stock, giving a Buy rating today.
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Michael Brown has given his Buy rating due to a combination of factors including LPL Financial’s solid organic net new asset growth and the stability in client cash levels. Despite the traditionally weaker January period for the industry, LPL Financial managed to achieve a core organic net new asset growth of 3.9%, which is a satisfactory result compared to the previous January figures. This performance demonstrates the company’s resilience amidst broader industry softness and its ability to attract new assets.
Moreover, while there was a decrease in client cash month-over-month, the levels have remained relatively stable over recent months. This stability is further evidenced by the client cash figures being more favorable than previously disclosed estimates. Such performance highlights LPL Financial’s strong position in the market, supporting the Buy rating given by Michael Brown.
According to TipRanks, Brown is a 5-star analyst with an average return of 14.0% and a 62.18% success rate. Brown covers the Financial sector, focusing on stocks such as Raymond James Financial, Apollo Global Management, and BlackRock.
In another report released today, KBW also maintained a Buy rating on the stock with a $405.00 price target.