Goldman Sachs Reports on Raymond James Financial

Goldman Sachs commented on Raymond James Financial RJF in a report released today. In the report, Goldman Sachs was mixed in its assessment of the company. Goldman Sachs writes, “Raymond James posted April operating metrics, highlighting commission and fees income grew a subdued 2% YoY, though with one-less day than April 2010. AUM surged to nearly $37 bn and the 4% MoM growth was 90 bps better than the S&P 500. Underwriting deal activity slowed, though RJF noted fixed income trading was stable and M&A was up during April, but mixed thus far in May. We tweak our F3Q11/F2011 estimates lower to $0.61/2.53 (from $0.65/2.60) to account for a slower commissions & fee growth, but maintain our F2012/F2013 estimates.” Goldman Sachs currently has a Neutral rating on Raymond James and a price target of $43. Shares of RJF closed yesterday at $34.98, up from $33.70 at open.