Redburn Atlantic upgraded LPL Financial (LPLA) to Buy from Neutral with a price target of $460, up from $420. LPL is positioned to benefit from “two durable secular shifts” in the advisor-mediated market – the continued migration of advisors from captive models to independence in pursuit of autonomy, higher revenue retention and client ownership, and the move towards outsourcing in the institutional market, the analyst tells investors in a research note. The firm says LPL’s competitive advantage is underpinned by scale, prior technology investment and a flexible, conflict-free model.
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