FBR Capital Maintains a 'Market Perform' on Raymond James Financial (RJF); Raises Estimates & PT

October 23, 2009 8:04 AM EDT

FBR Capital maintains a Market Perform rating on Raymond James Financial (NYSE: RJF).

FBR analyst says, "We are increasing our 2010 EPS estimate from $1.55 to $1.75 and raising our price target from $20 to $23 to reflect what we view as an improved earnings run-rate headed into 2010. While we remain cautious on the potential for increased charge-offs and its impact on muting earnings growth, we do expect the private client side of the business to begin to get better traction. Meanwhile, the investment banking business ended the fiscal year on a strong note. While we expect that the bank may still hold some credit surprises, it appears that the major obstacle (the Shared National Credit review) has passed by without significant hiccups, thereby relieving a major near-term overhang on valuation."

To see more analyst ratings on RJF Click Here.

Raymond James Financial, Inc., through its subsidiaries, engages in the underwriting, distribution, trading, and brokerage of equity and debt securities, as well as the sale of mutual funds and other investment products in the United States, Canada, and Europe.

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