Wells Fargo Starts Raymond James (RJF) at Outperform; Morgan Keegan Acquisition Driving Upside

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Wells Fargo initiates coverage on Raymond James (NYSE: RJF) with an Outperform. PT range $40-46.

Analyst, Christopher Harris, said, "We consider RJF to be one of the best-run firms in financial services and we attractively view its low-risk private client focused business model. The recent acquisition of Morgan Keegan (MK) should act as a meaningful EPS driver near term particularly if the economic backdrop continues to improve. We have introduced FY2012/13 EPS estimates of $2.48/$3.05."

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 $35.84 yesterday, with a 52 week range of $23.16-$38.31.

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