UPDATE: UBS Investment Research Raises Target on LPL Investment to $36
UBS Investment Research reiterates its Neutral rating on LPL Investment (NASDAQ: LPLA) and raises its price target by $6 to $36 on strong fundamentals.
UBS Investment Research notes, "Advisor growth, which we believe is watched closely by investors, continues to surprise to the upside, despite a tough environment. Same-store sales and net new asset growth slowed a bit during the quarter but were very healthy in 2011. Trends so far this year are pointing to a pickup, while LPLA is still watching expenses closely and looking to maximize returns on cash sweeps. Finally, the company has amassed a decent war chest to accelerate growth through selective M&A."
LPLA closed at $35.90 a share on Tuesday.
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