Rothschild & Co Redburn earlier today downgraded LPL Financial (LPLA) to Neutral from Buy with a price target of $390, down from $460. The company is deemphasizing growth as it integrates Commonwealth Financial Network, which creates fewer share catalysts and less growth over the next 12-18 months, the analyst tells investors in a research note. Rothschild’s estimates are now below consensus and it believes a share re-rating is now unlikely to materialize absent a flow re-acceleration.
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