Raymond James price target lowered to $100 from $130 at Citi

Citi analyst Christopher Allen lowered the firm’s price target on Raymond James to $100 from $130 and keeps a Neutral rating on the shares ahead of the Q1 results. The analyst cut estimates on the brokers to reflect a more challenged environment, including expectations for higher deposit costs and lower cash balances, slower investment banking and trading, and less aggressive buybacks. With the broker and asset manager stocks are down 15% on average since mid-March, negative earnings revisions have been expected and some will likely argue that Citi’s revisions are not as severe as the environment warrants, the firm admits.