Stifel Financial downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research analyst Steven Chubak downgraded Stifel Financial to Peer Perform from Outperform without a price target. The analyst says tail risk from advisory sweep cash repricing does not appear reflected in the shares. While Stifel may be insulated to some degree verses peers given its higher gearing towards brokerage and capital Markets fees, Wolfe still sees meaningful earnings risk in the scenario advisory cash sweep is repriced, which does not appear to be reflected in shares at this point, the analyst tells investors in a research note.