Stifel Financial initiated with a Neutral at JPMorgan

JPMorgan analyst Michael Cho initiated coverage of Stifel Financial (SF) with a Neutral rating and $120 price target Stifel operates a “scaled, well-managed business” across its Wealth and Institutional segments, which should offer a balanced earnings stream through the cycle, the analyst tells investors in a research note. The firm appreciates Stifel’s positioning to generate steady earnings growth, but thinks the recent stock appreciation have come with heightened expectations, which “creates a difficult setup for near-term outperformance.”