UDATE: Citigroup Lowers PT on LPL Financial Holdings from $33 to $30

Citigroup maintained a Neutral rating on LPL Financial Holdings

and lowered its price target from $33 to $30. Citigroup commented, “We are encouraged around the solid FA pipeline and management commentary pointing to gains from wirehouses – higher production FAs. Additionally, the acquisitions of Fortigent and Concord + formation of NestWise are likely to increase FA productivity in the LT and help net new advisor growth. To be sure, management highlighted that they were number two in 2010 and 2011 in net new advisor growth relative to peers and see a similar trajectory to date in 2012. We see LPLA as migrating toward fee-based business while diversifying the platform for FAs.” LPL Financial Holdings closed at $28.02 on Tuesday.