Raymond James price target raised to $123 from $113 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Raymond James to $123 from $113 and keeps an Equal Weight rating on the shares. In a preview for the Brokers and Exchanges group, the firm notes that its Q1 EPS estimates are revised 1% lower across brokers, 4% higher across market infrastructure names and 1% higher across exchanges on average. Across the group, the firm’s price targets are 13% higher on average for 9% upside, driven by a 12% lift in target 2024 multiples and 2% higher 2025 EPS estimates on average.