Goldman Sachs analyst Conor Fitzgerald upgraded Raymond James to Buy and raised his price target for the shares to $112 from $109. Organic growth in the company's wealth management business appears to be accelerating, Fitzgerald tells investors in a research note, citing his tracking of press articles and "upbeat" commentary from management on last quarter's earnings call. Further, the analyst notes that Raymond James' excess capital continues to build. He expects management to announce a "modest" increase in capital return at its investor day and believes investors are not pricing this into the shares.