- In addition to starting coverage on the TBTF banks, Nomura has a look at a number of brokerage names.
- "We see numerous earnings levers that, in our view, are not fully reflected in consensus, including lower: credit costs, FDIC assessment fees, and servicing costs," says analyst Steven Chubak, launching E*Trade (ETFC) with a Buy and $23 price target.
- "We believe expectations for revenue growth and rate upside are already priced into the shares," he says, starting TD Ameritrade (AMTD) with a Neutral and $32 price target.
- "We believe Raymond James (RJF) is poised to outperform in 2014 as the firm is more exposed to areas with better growth prospects including Wealth/Asset Management and RJ Bank (80% of combined pre-tax income)," says Chubak, starting with a Buy and $60 price target. "Earnings growth and cost optimization should position RJF to reach its 15% margin target by FY2014; with further margin upside as short rates begin to rise (~20% benefit to cons. 2014E), which is not priced into shares, in our view."
- LPL Investment (LPLA) rates a Buy with $59 price target: "Earnings growth should remain robust, reflecting secular tailwinds in Retail Advisory, best-in-class capital return, and continued progress on cost savings initiatives."
From other sites
at CNBC.com (Feb 8, 2015)
at CNBC.com (Oct 20, 2014)
at CNBC.com (Oct 9, 2014)
at CNBC.com (Sep 18, 2014)
at CNBC.com (Sep 9, 2014)
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