LPLA - LPL Financial upped to Market Outperform at JMP on interest rate normalization

JMP analyst Devin Ryan has upgraded LPL Financial (NASDAQ:LPLA) to Market Outperform from Market Perform on the basis of interest rate normalization, according to a note written to clients Thursday.  Established a price target of $242 per share, implying 31% upside from Wednesday's close, derived from ~16x multiple on 2023 estimated EPS, the note read. Wall Street Analysts also view LPLA as a Buy (6 Strong Buy, 3 Buy, 4 Hold), though SA's Quant Rating screens the stock with a Hold.  The positive coverage reflects "the market’s current base case scenario that interest rates will normalize faster than anticipated heading into the year," Ryan wrote, adding "will further benefit as the customer cash mix moves back toward equilibrium (less overflow and increased fixed duration), also accelerating capital return potential." On a macro level, investment banking activity has pulled back substantially over the past year amid economic and geopolitical uncertainty. Given

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LPL Financial upped to Market Outperform at JMP on interest rate normalization