Keefe Bruyette analyst Kyle Voigt downgraded Raymond James to Market Perform from Outperform with a price target of $120, down from $130. The analyst’s retail broker sentiment has shifted more cautious on rate-sensitive names as he now begins to move off of a two-year overweight call on the group. As such, he downgraded Raymond James to Market Perform as part of his outlook for 2023. Voigt has a more favorable view of the global exchange sector, mostly due to preference shifting towards defensive financials, give his expectation for recession risk to linger throughout most of 2023.
Published first on TheFly
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