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Fly News Breaks for October 4, 2019
SF, RJF, LPLA
Oct 4, 2019 | 14:08 EDT
While keeping his Q3 estimates largely unchanged, Wells Fargo analyst Christopher Harris lowered his fiscal 2020 and 2021 earnings estimates for LPL Financial (LPLA), Raymond James (RJF) and Stifel Financial (SF) by 7%-8%. The lower estimates mostly reflect lower interest rates, says Harris, whose model now incorporates four 25 basis points cuts relative to Q2 of 2019 to the Fed Funds rate by Q1 of 2020, compared to a prior estimate of two. For Q3, the analyst's estimates are generally in line with consensus for LPL and Stifel but 3% above consensus for Raymond James. Harris also lowered his price target for Market Perform-rated LPL to $78 from $92, for Outperform-rated Raymond James to $87 from $98, and for Market Perform-rated Stifel to $59 from $66.
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