TD Cowen downgraded LPL Financial (LPLA) to Hold from Buy with a price target of $403, down from $406, as part of a Q2 earnings preview. The firm cites valuation following the stock’s year-to-date rally and its reduced earnings outlook for the downgrade. TD now sits 5%-7% below consensus estimates. It also sees reduced catalysts for LPL shares pending the Commonwealth Financial Network acquisition onboarding in the second half of 2026.
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