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Fly News Breaks for January 24, 2020
RJF
Jan 24, 2020 | 07:25 EDT
Morgan Stanley analyst Manan Gosalia noted that Raymond James' guidance for pretax margins of 17.0% in FY20 was a negative surprise, as it was below their prior target of 18%, but he thinks the 6% move down in the stock on Thursday post-earnings was excessive. While pressure on pretax margins has been a key reason for his Equal Weight rating, which he maintains, Gosalia thinks rising markets and a strong recruitment pipeline position Raymond James for potential upside surprises as the year progresses. He keeps a $94 price target on Raymond James shares.
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