Jefferies lowered the firm’s price target on LPL Financial to $282 from $309 and keeps a Buy rating on the shares. Ahead of Q3 earnings from the brokers and wealth managers, the firm notes its Q3 EPS estimates have been raised 1% on average. For LPL, the firm is decreasing its Q3 estimate to $3.65 from $3.76, stating that lower revenue was a function of lower cash balances and moderating sales-based commissions.
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