TD Cowen raised the firm’s price target on Raymond James (RJF) to $159 from $156 and keeps a Hold rating on the shares. The firm said the quarter was mixed. Favorably, the I-Bank/FA pipelines seem solid, management poured some cold water on agentic AI cash allocation risk and the B/S remains in strong shape, with potentially enhanced W/M M&A upside. Conversely, they remain watchful on client cash monetization trends nonetheless.
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