AssetMark Financial price target raised to $41 from $39 at Raymond James

Raymond James analyst Patrick O’Shaughnessy raised the firm’s price target on AssetMark Financial to $41 from $39 and keeps a Strong Buy rating on the shares. Although net flows remain moderately below historical levels, flows during Q1 were up 46% quarter over quarter and the strongest quarterly result since 1Q22, the analyst tells investors in a research note. While AssetMark has effectively maxed out its net yield on client cash, its investments into fixed rate term deposits will provide some support to spread-based revenues should interest rates move lower, the firm says.