Goldman Sachs analyst Conor Fitzgerald downgraded Stifel Financial (SF) to Neutral from Buy while raising his price target for the shares to $59 from $58. The analyst believes LPL Financial (LPLA), a stock he upgraded this morning to Conviction Buy, offers more upside at current valuations.

Reports Q1 revenue $1.2B, consensus $1.14B. Ronald Kruszewski, Chairman and CEO, said "Total net revenue of more than $1.16 billion was our second highest quarterly net revenue ever, as the momentum we highlighted at the end of 2023 carried into the first quarter. Record Global Wealth Management revenue and improving market conditions for our Institutional Group drove our top and bottom line growth from the same period a year ago. While the outlook for the remainder of 2024 is not without risk, I remain cautiously optimistic that our diversified business will continue to generate strong returns for this year and beyond."

LPL Financial announced that financial advisors Chris Mukoda, Brad Travis, Jr., CFP, and David Crouse have joined LPL Financial's broker-dealer, RIA and custodial platforms, aligning with Momentum Wealth Partners, an existing firm supporting LPL-affiliated advisors. They reported serving approximately $415 million in advisory, brokerage and retirement plan assets, and join LPL from PNC Investments. With the move, the team - which shares more than 75 years of combined financial services experience - launches Sussex Wealth Partners, an independent financial practice based in the Sussex County town of Lewes, Del. The new practice, located inside a former art gallery, was designed by the team's partner and office manager, Natalie Fowler, and brought to life by her husband, Anthony. The space gives an elevated and intimate feel - much like the experience the Sussex Wealth team strives to offer its wide variety of clients.