Raymond James (RJF) PT Raised to $190 at JMP Securities

JMP Securities analyst Devin Ryan raised the price target on Raymond James (NYSE: RJF) to $190.00 (from $175.00) while maintaining a Market Outperform rating.

The analyst commented, “This evening (1/29), Raymond James reported F1Q25 Operating EPS of $2.93, ahead of our $2.86 estimate, which was also well above consensus of $2.71. Revenues of $3.54B were 1% better than we had modeled (up 17% YOY and 1% above consensus), with the Investment Banking revenue of $325M representing the biggest delta ($52M or 19% above our model — increasing 80% YOY). Positively, steadier Net Interest Income and Account & Service fees were respectively $17M and $13M higher as well. The adjusted comp ratio of 64% was a bit higher than our 63.5% estimate and adjusted non-comp came in $10.4M (or 2%) lower than our estimate.”

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