Ticonderoga Reiterates a 'Buy' on Raymond James (RJF); Acquires Canadian Assets

Ticonderoga reiterates a 'Buy' on Raymond James (NYSE: RJF), PT $37.

Ticonderoga analyst says, "RJF is purchasing $650 million worth of Canadian commercial loans from Allied Irish. We suspect that the transaction is at a modest discount to fair value, consistent with prices of loans sold by other Irish banks last month...The acquisition is consistent with management commentary earlier in the year that they wanted a stronger commercial banking capability in Canada...should be able to amortize the gain over the loan life. Combined with yields, we believe the deal could be accretive by several percentage points excluding any long term benefit from improving investment banking capability."

For more ratings news on Raymond James click here and for the rating history of Raymond James click here.

Shares of Raymond James closed at $32.15 yesterday.

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