Goldman Sachs upgraded Raymond James (RJF) to Buy from Neutral with a price target of $185, up from $161, implying 18% upside. The firm sees high-single-digit to low-double digit upside to Raymond James’ consensus earnings estimate through fiscal 2027 due to an inflection in cash revenue growth and normalization in capital markets activity. The company is particularly levered to U.S. and sponsor-based merger and acquisition revenues, an area that is likely to see a meaningful recovery, the analyst tells investors in a research note.
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