On Friday, TD Cowen maintained its Hold rating on Raymond James (NYSE: RJF) and increased the share price target from $126.00 to $130.00. The decision came after Raymond James' stock price remained nearly unchanged following the company's Investor Day on Thursday, May 23, 2024.
The firm's strategic direction appeared to remain consistent even after recent leadership succession announcements, and financial guidance was reaffirmed.
The analyst from TD Cowen noted that the financial services company's Investor Day did not prompt significant changes to the consensus-like fiscal years 2024-2025 adjusted EPS estimates. Despite some minor adjustments, the overall outlook for Raymond James by the analyst remains steady.
TD Cowen highlighted a few areas of interest that emerged from the Investor Day, including updates on net interest income (NII), sorting, and the potential for capital return. These factors were seen as marginally positive but did not warrant a change in the overall earnings expectations for the next two fiscal years.
The price target adjustment to $130.00 reflects a modestly optimistic view of Raymond James' financial prospects. It suggests that while there may not be substantial changes to the company's earnings estimates, there is a slight improvement in the company's potential performance.
In summary, Raymond James is perceived to be on a stable financial path, with leadership transitions and strategic decisions not significantly altering the company's forecasted earnings. The new price target of $130.00 by TD Cowen indicates a slight increase in confidence in the company's stock value.
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