Focus Financial Partners (FOCS) PT Raised to $36 at Raymond James

Raymond James analyst Patrick O'Shaughnessy raised the price target on Focus Financial Partners (NASDAQ: FOCS) to $36.00 (from $33.00) while maintaining an Outperform rating.

The analyst commented, "Market appreciation relative to our prior model update in early May leads us to increase our 2020E revenue estimate for Focus by ~$20 million. With Focus' stock continuing to rally into the end of the quarter, however, we are also adjusting our incentive unit share count dilution estimate, which more than offsets the market rally impact on the firm's EPS. During Focus' upcoming earnings call we expect investor attention will be on Focus' updated margin outlook in light of the market rally as well as changes to its M&A pipeline in the context of COVID-19."

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