Credit Suisse downgraded LPL Financial to Neutral from Outperform with a price target of $205, down from $245. Reflecting further softening in forward rate expectations, the analyst reduced adjusted earnings estimates through 2025 for the U.S. retail broker-dealers. The downgrade of LPL enters on reduced upside post estimate reductions, the analyst tells investors in a research note. The firm is "most incrementally watchful" around the company’s cash sweep economics.
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