Goldman Sachs Assumes Raymond James (RJF) at Neutral, $70 PT

Goldman Sachs assumes coverage on Raymond James (NYSE: RJF) with a Neutral rating and a price target of $70.00 (from $63.00).

Analyst Daniel Paris commented, "As a top-10 retail wealth advisor with over $500bn in client assets, we see opportunity for a multi-year period of double-digit growth in client assets and improving monetization of these assets via rising interest rates and growth of Raymond James Bank. With shares trading at a discount to historic multiples (adjusted for the market multiple), we believe investors are receiving a discounted “call option” on 1) outsized and immediate interest rate sensitivity, and 2) multiple avenues for deployment of meaningful excess capital."

Catalysts cited by the analyst:

1) Underappreciated rate sensitivity

2) Capital deployment, one way or the other

3) Double-digit private client revenue growth

For an analyst ratings summary and ratings history on Raymond James click here. For more ratings news on Raymond James click here.

Shares of Raymond James closed at $60.67 yesterday.

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