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Fly News Breaks for October 26, 2018
LPLA, RJF
Oct 26, 2018 | 09:22 EDT
Citi analyst William Katz downgraded Raymond James (RJF) to Neutral and lowered his price target for the shares to $85 from $101. The analyst sees more limited upside to current valuation multiples given his reduced earnings outlook. He also sees a lack of catalyst to push the stock higher. Katz recommends a pair trade overweighting LPL Financial (LPLA) and underweighting Raymond James.LPL has more earnings upside potential as well as greater expense and capital management levers, says Katz.