BofA raised the firm’s price target on Raymond James (RJF) to $194 from $173 and keeps a Neutral rating on the shares after the company reported quarterly results. The firm said it is positive on Raymond James’ share repurchase effort as it now keeps capital ratios stable and also Private Client Group’s improved organic growth. Additionally, the macro backdrop is benefiting all three business segments currently, but especially capital markets where the firm views the activity as unsustainable due to the robust levels of capital raising and M&A announcements, the analyst tells investors in a research note.
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