TD Cowen downgraded Stifel Financial to Hold from Buy with a price target of $89, down from $94. While the firm remains bullish longer term, it says its thesis around consensus estimates resetting higher has mostly played out. TD is now only 3% ahead of the Street numbers for 2025 versus 12% in January, the analyst tells investors in a research note. With the stock up 21% year-to-date, the firm believes “most skepticism is washed out” while it sees less sightline to $9.00 in earnings per share for 2025.
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