-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：LPLA公佈了2026年第一季業績，營收飆升35%至59.4億美元（比預期低6000萬美元），調整後每股收益為5.60美元，超出市場預期0.13美元。財富管理轉型加速，諮詢業務收入達26.2億美元（成長55%），諮詢資產成長至1.39兆美元（成長42%），佔客戶總資產的59.5%。我們認為，LPLA向收費服務模式的策略轉型將持續打造更穩定的收入基礎，同時提升營運槓桿，諮詢和經紀業務總資產達到2.34兆美元（成長30%）。管理階層將2026年核心一般及行政費用預期上限調降2,000萬美元至21.6億至21.9億美元，其中包括與聯邦相關的支出。聯邦資產的收購仍按計畫進行，預計2026年第四季完成，資產保留率目標為90%，更新後的年化EBITDA為4.1億美元。該公司目前擁有5.67億美元的現金，槓桿率為1.86倍，我們預計LPLA將保持充足的財務靈活性以支持增長計劃，併計劃於2026年第二季度恢復股票回購，預計回購金額為1.25億美元。
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