Raymond James price target lowered to $181 from $187 at TD Cowen

TD Cowen lowered the firm’s price target on Raymond James (RJF) to $181 from $187 and keeps a Hold rating on the shares. The firm lowered its estimates following mixed views from the conference call. On the one hand, the NNA outlook seems strong, albeit likely to slow from a torrid C4Q. Yet, the I-Bank discussion seemed mixed and overall they see less margin opportunity.