Citi downgraded LPL Financial (LPLA) to Neutral from Buy with an unchanged price target of $400. After the recent share strength LPL is trading near historic highs from a valuation perspective, the analyst tells investors in a research note. In the near-term, the firm sees more limited catalysts for the stock, particularly as LPL works through the integration of Commonwealth. Citi also sees potential for increased competition for financial advisor recruiting from here. The firm sees a balanced risk/reward for shares, preferring to wait for a more attractive entry point.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LPLA:
- Robinhood continues rally ahead of S&P 500 rebalance
- LPL Financial: Loomis Wealth joins broker-dealer, RIA, custodial platforms
- LPL Financial’s Chief Legal Officer Resigns
- Arv Private Wealth launches with support from LPL Strategic Wealth
- LPL Financial: Mai Park Capital joins Linsco by LPL Financial