SunTrust Robinson Humphrey Remains Sidelined on LPL Financial (LPLA) Following Mixed 3Q
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SunTrust Robinson Humphrey reiterated a Hold rating on LPL Investment (NASDAQ: LPLA), and raised the price target to $36.00 (from $35.00), following the company's 3Q earnings report. LPL Financial reported EPS of $0.58 vs. $0.43 last year, which was higher than the $0.39 Street estimate. Revenues of $1.02 billion fell short of $1.03 billion estimates, and outperformance was mainly driven by cost management.
Analyst Douglas Mewhirter commented, "We maintain our Hold rating on LPLA shares following another strong quarter. The company reported strong margins and good asset growth, and we have increased our 4Q16 and 2017 EPS estimates to $0.40 and $2.25, from $0.38 and $1.94, respectively. Our price target rises to $36 from $35, which equals 15x 2017E EPS, plus a takeout option based on a 20% chance of a buyout at $42/share. Management has done very well controlling costs, and there is possibility for upside to this target if they can hit 2017 cost targets (and the market cooperates)."
Shares of LPL Investment closed at $30.99 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesSunTrust Robinson Humphrey, Earnings
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