Wachovia Upgrades Raymond James Financial (RJF) to Market Perform
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Wachovia upgrades Raymond James Financial (NYSE: RJF) from Underperform to Market Perform.
Wachovia analyst says, "Since our downgrade, RJF has declined 25% compared to a decline of 10% for the S&P over the same period. Absent a material decrease in credit quality at the bank, we believe shares will begin to trade more in line with the broader broker group. In our view, bank exposure, auction exposures, and weak markets are discounted in the stock. In addition, we believe Q1 represents earnings at the very low end of RJF's normalized range. Our FYQ1 EPS estimate is unchanged at $0.33. Shares are currently 1.1x book value."
Raymond James Financial, Inc. (RJF) is a holding company whose subsidiaries are engaged in various financial services businesses in the United States of America and Canada.
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