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Fly News Breaks for October 12, 2016
LPLA
Oct 12, 2016 | 07:22 EDT
After Reuters reported that LPL Financial has hired an investment bank to explore a possible sale, SunTrust analyst Douglas Mewhirter said he believes that a strategic buyer would be able to pay $40 per share and still get an acceptable return. Mewhirter increased his price target on LPL shares to $35 from $30 to reflects a 50% chance of a deal closing at $40 within 12 months and keeps a Hold rating on the shares, which rose 6.9% yesterday to close at $33.01.
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