TSC - Raymond James added to Citi's U.S. Focus List on TriState Capital deal $1B buyback plan

Citi analyst William Katz has added Raymond James Financial (NYSE:RJF) to Citi's U.S. Focus List, opened a 90-Day Positive Catalyst Watch and lifted 2022-2024 EPS estimates to reflect the investment bank's acquisition of TriState Capital (TSC). The analyst also cited the company's $1B buyback program, of which the board approved back in Dec. 2021. In turn, Katz's revised 2023 EPS estimate is now 48% ahead of the consensus, and his 2024 forecast stands 36% above the Wall Street estimate, according to a note written to clients. Sees 28.5% return on tangible equity for 2024. Citi's upward earnings revision reflects "revised deal contribution, lower Investment Banking, updated rates expectations, and truing up the model against generally better-than-expected February metrics," Katz explained. For the upcoming quarter, five analysts have upwardly revised Raymond James' (RJF) EPS, while two analysts revised lower. RJF shares are gaining 1.4% in early morning trading Monday. Previously, (Jan. 28) Raymond James got downgraded

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Raymond James added to Citi's U.S. Focus List on TriState Capital deal, $1B buyback plan