Citi lowered the firm’s price target on LPL Financial to $285 from $325 and keeps a Buy rating on the shares as part of a Q3 preview for the brokers and asset managers. The outlook across the brokerage space has been “tilting negative “driven lower rate expectations for mostly asset sensitive plays and lingering concerns around sweep deposit pricing, the analyst tells investors in a research note. The firm cut earnings estimates by an average of 6% and 7% for the brokers in 2025 and 2026, respectively, excluding Robinhood (HOOD), which saw positive revisions. Citi sees downside risk to consensus estimates for most names, with greatest risk at Charles Schwab (SCHW). The firm continues to like LPL Financial (LPLA).
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