BofA raised the firm’s price target on Interactive Brokers to $141 from $138 and keeps a Buy rating on the shares after the company reported better than expected core EPS. Unlike broker peers that are seeing deposits decline relating to client cash sorting activity, Interactive Brokers is "experiencing reverse sorting" as it bucked the trend and grew its client cash balances by 3% quarter-over-quarter, the analyst tells investors. Total account growth trended at the low end of Interactive target, but BofA expects a reacceleration in Q2, the firm added.
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Published first on TheFly
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