UPDATE: UBS Upgrades LPL Investment (LPLA) to Neutral
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(Updated - November 10, 2016 9:51 AM EST)
UBS upgraded LPL Investment (NASDAQ: LPLA) from Sell to Neutral with a price target of $35.00 (from $24.00).
Analyst Alex Kramm said, "The results of the US presidential election signal a regime change in Washington that could result in the reversal of several regulatory initiatives. Among them is the DOL's fiduciary standard rule, which had already been challenged by members of the president-elect's party, only to be vetoed by the outgoing president (InvestmentNews, 11/9/2016: "Trump victory puts DOL fiduciary rule in limbo"). Given the possibility that the rule could be put aside by the new administration, our negative thesis for LPLA has lost some of its footing. Previously-imminent headwinds from compliance spending and reduced commissions may be alleviated, and sentiment has already improved significantly in response to headlines that the rule could be repealed. We believe yesterday’s move in the shares fairly captures the potential upside, leading to our new Neutral rating."
Shares of LPL Investment closed at $35.86 yesterday.
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