BofA downgraded Raymond James (RJF) to Neutral from Buy with an unchanged price target of $159. The company’s organic growth is slowing, which creates downside risk to near-term earnings estimates, the analyst tells investors in a research note. Raymond’s financial advisor headcount deceleration in Q1 was driven by a pick-up in retirements, internal transitions and an overall increase in competitive intensity, the analyst tells investors in a research note. BofA also sees downside risk to the company’s capital markets and asset management from the market correction year-to-date.
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