Pali Research Downgrades Raymond James Financial (RJF) To Neutral
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Pali Research downgrades Raymond James Financial (NYSE: RJF) from Buy to Neutral. Pali said RJF's shares are 6% within its price target and are up 40% since June 11, 2009 compared to a 10% improvement in the S&P and a 14% increase in the AMEX Broker Dealer index.
In essence, Pali thinks the multiple Raymond James trades at is hard to justify. Additionally, Pali does not think there is going to be much organic earnings upside.
Pali does believe the firm is in great shape to keep hiring and improving its market leverage and it thinks its shares appear fairly valued in the $23-$26 range.
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