JMP sees RJ's Investment Banking segment supporting steady revenue growth driven by increased conviction from investors.
Raymond James Financial, Inc. RJF shares are trading higher Wednesday. Analysts from JMP Securities upgraded the stock from Market Perform to Market Outperform and announced a $146 price target.
The Details:
JMP Securities noted that Raymond James has significantly increased its Investment Banking presence with its number of senior bankers up 37% from 2019 levels. JMP sees the Investment Banking segment supporting steady revenue growth driven by increased conviction from investors in an economic recovery.
JMP also sees a "good probability" of Raymond James executing on additional merger and acquisition opportunities which are not yet baked into expectations.
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Raymond James is set to report its fourth-quarter financial results after the closing bell on Oct. 23. According to estimates from Benzinga Pro, analysts expect the company to report earnings of $2.41 per share and quarterly revenue of $3.312 billion. Raymond James shares are trading above the stock's 50-day moving average of $117.78 and are approaching the stock's 52-week high of $131.19, according to Benzinga Pro.
RJF Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Raymond James Financial have an average 1-year price target of $134, representing an expected upside of 4.56%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Raymond James, while 3 analysts have bullish ratings. The street high price target from JMP Securities is $146, while the street low from Goldman Sachs is $125.
RJF Price Action: According to Benzinga Pro, Raymond James Financial shares are up 2.68% at $128.25 at the time of publication Wednesday.
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