Alexander Blostein, an analyst from Goldman Sachs, maintained the Buy rating on Raymond James Financial (RJF – Research Report). The associated price target was raised to $198.00.
Alexander Blostein has given his Buy rating due to a combination of factors that indicate positive growth prospects for Raymond James Financial. Despite a slight monthly decline in total client assets due to weaker equity markets, the firm experienced a 12% year-over-year increase, showcasing its resilience and potential for long-term growth. The firm also reported modest net inflows and a healthy pipeline in its investment banking division, although macroeconomic volatility has slowed deal closings.
Furthermore, the Private Client Group (PCG) saw an annualized organic growth rate of 5.4% in February, driven by significant net new assets. While cash balances saw a minor decrease, the overall performance in client asset growth and the firm’s strategic positioning in investment banking contribute to a positive outlook. These factors collectively support Blostein’s Buy rating for RJF, suggesting confidence in the firm’s ability to navigate current market conditions and deliver value to investors.
RJF’s price has also changed moderately for the past six months – from $124.110 to $146.420, which is a 17.98% increase.
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