BUZZ-LPL Financial rises after UBS upgrades to 'buy'

Reuters
07 Jan
BUZZ-LPL Financial rises after UBS upgrades to 'buy'

** Shares of wealth manager LPL Financial LPLA.O rise as much as 3.5%; last up 1.8% at $339.11

** UBS upgrades LPLA to "buy" from "neutral"; raises PT to $390 from $280, a 17% upside to stock's last close

** Brokerage anticipates an acceleration of client asset and cash growth over the coming quarters amid a more bullish environment for wealth management firms

** UBS adds that there are multiple avenues from which LPLA can generated industry-leading growth, most notably in the enterprise space

** Brokerage expects to see more consolidation in the enterprise space as institutions partner with platforms that can offer superior capabilities

** Fourteen of 17 brokerages rate the stock "buy" or higher, two "hold", and one "sell"; with a median PT of $379, according to data compiled by LSEG

** LPLA stock jumped 43.5% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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