Editor’s note: The headline of this story has been updated to remove a misspelled reference to JMP Securities.

Raymond James Financial, Inc. (NYSE:RJF) shares are trading higher Wednesday. Analysts from JMP Securities upgraded the stock from Market Perform to Market Outperform and announced a $146 price target.

The Details:

JMP Securities noted that Raymond James has significantly increased its Investment Banking presence with its number of senior bankers up 37% from 2019 levels. JMP sees the Investment Banking segment supporting steady revenue growth driven by increased conviction from investors in an economic recovery.

JMP also sees a "good probability" of Raymond James executing on additional merger and acquisition opportunities which are not yet baked into expectations.

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Raymond James is set to report its fourth-quarter financial results after the closing bell on Oct. 23. According to estimates from Benzinga Pro, analysts expect the company to report earnings of $2.41 per share and quarterly revenue of $3.312 billion. Raymond James shares are trading above the stock’s 50-day moving average of $117.78 and are approaching the stock's 52-week high of $131.19, according to Benzinga Pro.

RJF Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Raymond James Financial have an average 1-year price target of $134, representing an expected upside of 4.56%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Raymond James, while 3 analysts have bullish ratings. The street high price target from JMP Securities is $146, while the street low from Goldman Sachs is $125.

RJF Price Action: According to Benzinga Pro, Raymond James Financial shares are up 2.68% at $128.25 at the time of publication Wednesday.

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