Citi analyst William Katz upgraded Raymond James to Buy from Neutral ahead of Q2 earnings season for the broker and asset manager group in a note partially titled "Not Time For Hero Ball." The analyst, who introduced new estimates for the group, noted that he still prefers alternative managers.

Reports Q2 revenue $3.12B, consensus $3.14B. Reports record client assets under administration of $1.45T. "We generated record quarterly net revenues of $3.12 billion in the fiscal second quarter fueled by robust year-over-year growth in client assets under administration of 18%, reflecting market growth and solid financial advisor retention and recruiting in the Private Client Group," said Chair and CEO Paul Reilly. "Entering the back half of the fiscal year, we are well positioned with record client assets and ample capital to support business growth."