Interactive Brokers price target raised to $95 from $90 at Citi

Citi analyst Christopher Allen raised the firm’s price target on Interactive Brokers to $95 from $90 and keeps a Buy rating on the shares ahead of the Q1 results. The analyst cut estimates on the brokers to reflect a more challenged environment, including expectations for higher deposit costs and lower cash balances, slower investment banking and trading, and less aggressive buybacks. Interactive Brokers was the lone company that it did not cut estimates for, saying higher account growth helped provide stability. With the broker and asset manager stocks are down 15% on average since mid-March, negative earnings revisions have been expected and some will likely argue that Citi’s revisions are not as severe as the environment warrants, the firm admits.