Morgan Stanley analyst Michael Cyprys raised his 2018 and 2019 EPS estimates by 25% and 20%, respectively, for discount brokers and 17% and 16%, respectively, for traditional asset managers, after updating for stronger equity markets, the latest forward curve and tax cuts. Given this context, he upgraded LPL Financial to Equal Weight from Underweight, stating that he views it as a key beneficiary of tax reform, rising short-term interest rates and strong equity markets. Cyprys increased his price target on LPL shares to $62 from $45. He also upgraded Apollo Global (APO) and E-Trade (ETFC), each to Overweight from Equal Weight.

LPL Financial LLC announced today that financial advisor Clayton Ortloff has launched a new independent practice, Heritage Private Wealth, through affiliation with LPL Financial's supported independence model, LPL Strategic Wealth Services. He reported having served approximately $820 million in advisory, brokerage and retirement plan assets and joins LPL from Merrill Lynch. Based in Midland, Texas, the father of three is a third generation Midlander with deep ties to the community. Ortloff started his career in financial services in 2006 right out of college and has steadily built his business serving high-net-worth multigenerational families in oil and gas. He specializes in providing personalized wealth management services that range from diversification strategies and concentrated stock positions to legacy planning and charitable giving. He is supported by a dedicated team that includes Director of Client Relations Gloria Folsom and Wealth Manager Assistants Allison Gordon and Rachael Sawyer.