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$LPLA

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Research

Research Alert: CFRA Keeps Buy Rating On Shares Of Lpl Financial Holdings Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target price by $30 to $400, on a P/E of 14.2x our 2027 EPS estimate vs. the peer average of 12.1x. We lower our 2026 EPS estimate by $0.55 to $23.22 and keep 2027's unchanged at $28.20, on respective revenue forecasts of $20.65B (+22%) and $23.50B (+14%). Q1 was characterized by solid execution, delivering $21B in organic net new assets, building its recruiting pipeline to record levels, and demonstrating disciplined expense control. We think LPLA's key initiatives are progressing well, including the Commonwealth integration (on track for Q4 2026) and strategic AI investments to enhance advisor productivity. The company's focus on efficiency is reflected in its updated 2026 outlook, where it lowered the top end of its Core G&A guidance by $20M to $2.19B. While management acknowledged the speculative risk of AI disrupting cash sweep economics, we view the early resumption of its share buyback program as a strong signal of confidence in the outlook and a belief that the stock is undervalued.

$LPLA
Wire

UBS Adjusts Price Target on LPL Financial to $395 From $380, Maintains Buy Rating

LPL Financial (LPLA) has an average rating of overweight and mean price target of $403, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $320.57, Change: $-13.56, Percent Change: -4.06%

$LPLA
Research

Research Alert: Lpla Q1: Beats On Eps, Misses On Revenue, As Advisory Shift Improves Margins

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:LPLA delivered Q1 2026 results, with revenues surging 35% to $5.94B (missing estimates by $60M) and adj. EPS of $5.60 beating Street estimates by $0.13. The wealth management transformation accelerated with advisory revenue reaching $2.62B (+55%) and advisory assets growing to $1.39T (+42%), now representing 59.5% of total client assets. We believe LPLA's strategic shift toward fee-based services continues creating a more stable revenue base while improving operating leverage, with total advisory and brokerage assets reaching $2.34T (+30%). Management lowered the upper end of its 2026 core G&A outlook by $20M to $2.16B-$2.19B, including Commonwealth-related expenses. The Commonwealth acquisition remains on track for Q4 2026 completion with asset retention targeting 90% and updated run-rate EBITDA of $410M. With corporate cash of $567M and leverage at 1.86x, we expect LPLA maintains substantial financial flexibility for growth initiatives and plans to resume share repurchases with an estimated $125M in Q2 2026.

$LPLA
Wire

LPL Financial Leads Acquisition of Mariner Advisor Network

LPL Financial (LPLA) said Tuesday it has agreed to acquire Mariner Advisor Network, a Mariner unit that serves hundreds of advisors managing about $31 billion in assets.Under the transaction, 223 advisors will remain on LPL's platform while 144 hybrid advisors will transition to Private Advisor Group's RIA model, it added.LPL said the deal aims to strengthen its supported independence model, expand advisor technology and wealth management capabilities, and maintain client service continuity.Financial terms of the transaction were not disclosed.Price: $325.45, Change: $+3.56, Percent Change: +1.10%

$LPLA
US Markets

Wealth Brokers, Investment Banks Faced Uneven First-Quarter Activity, UBS Says

Wealth brokers and investment banks faced uneven market activity in the first quarter due to geopolitical uncertainty, UBS Securities said in client note sent Wednesday.For the first quarter, UBS is projecting earnings per share to be down 7% quarter on quarter and up 22% annually for wealth brokers. For investment banks, the broker is looking at a 29% slump in EPS on a quarterly basis and an 11% jump year over year."For wealth brokers, growth was tempered by lower March market levels, though retail trading picked up on volatility," UBS analysts, including Michael Brown, wrote. "Organic growth was solid versus expectations, with the setup improving into (2026)."Meanwhile, momentum faded for investment banks during the quarter as pipelines shrank from the year end, "with some deals likely paused pending macro clarity, creating an activity air pocket," Brown said.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz.UBS named Charles Schwab (SCHW) and Stifel Financial (SF) as its top picks heading into the first-quarter earnings season, saying Evercore (EVR) is "favorably positioned." Moelis (MC), Lazard (LAZ), and Raymond James Financial (RJF) are expected to "lag on a relative basis," according to the brokerage.UBS upgraded LPL Financial (LPLA) to buy, citing an attractive valuation.UBS lowered its price targets for wealth brokers and investment banks by 8% and 2% on average, respectively.The brokerage expects artificial intelligence to be a key topic at the upcoming earnings season for wealth brokers."In the wealth space, we expect AI to improve advisor productivity, though see risks to sweep cash economics and to market share of advised assets," Brown said. "Ultimately, we see these threats as slower moving than the bears think and see forward-looking firms as well positioned to adapt and thrive."

$EVR$LAZ$LPLA$MC$RJF$SCHW$SF