Research Alert: CFRA Reiterates Hold Rating On Shares Of Raymond James Financial, Inc.

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our 12-month target price by $10 to $170, on a P/E of 12.8x our FY 27 (Sep.) EPS view vs. RJF's three-year historical forward P/E average of 13.2x and the peer average of 11.9x. We keep our FY 26 EPS estimate at $11.87 and decrease FY 27's by $0.15 to $13.25. Our revenue projections are $15.49B (+10%) in FY 26 and $16.73B (+8%) in FY 27, supported by a robust investment banking pipeline, significant investments in technology and AI, and a strong capital position to fund future growth and acquisitions. In our view, a key positive in Mar-Q was the Capital Markets segment's rebound from its prior-quarter weakness, driven by stronger investment banking revenues that culminated in a particularly strong March. Complementing this improvement, the Bank segment demonstrated strength by achieving record loans of $54.8B, fueled by a remarkable 31% Y/Y surge in securities-based lending. RJF is leveraging its over $1.1B annual technology investment to deploy proprietary AI tools that streamline operations.