BofA lowered the firm’s price target on LPL Financial (LPLA) to $422 from $442 and keeps a Buy rating on the shares. If the equity market correction deepens, there is EPS risk from cash sweep revenues, trading/margin loans and fees, but the firm remains long-term bullish on retail brokers given multiple secular themes, especially on the two online brokers – Interactive Brokers (IBKR) and Robinhood (HOOD) – after the year-to-date correction improved their valuations, the analyst tells investors in a preview for the group.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LPLA:
- LPL Financial: Horizon Capital joins broker-dealer, RIA, custodial platforms
- LPL Financial’s Strategic Acquisition of Commonwealth Financial Network: A Buy Rating with Promising Growth and Financial Benefits
- LPL Financial price target lowered to $400 from $415 at Citi
- LPL Financial 4.7M share Secondary priced at $320.00
- LPL Financial (LPLA) Buys Commonwealth Network For $2.70 Billion