LPL Financial rises after Wells Fargo upgrades to 'overweight'

LPL Financial Holdings

09/10/2024 12:28

** Shares of investment advisory firm LPL Financial Holdings
 LPLA.O  rise ~1.82% to $243.06 premarket
    ** Wells Fargo upgrades rating on LPLA to "overweight" from
"equal weight"; raises PT to $285 from $235
    ** LPLA's strong growth is boosted by consistent growth in
net new assets, says brokerage
    ** Wells Fargo also cites occasional M&A deals, such as
acquisition of Atria Wealth Solutions, as a growth driver
    ** "LPLA valuation remains discounted, presenting a
compelling entry point" - Wells Fargo
    ** 12 of 17 brokerages rate the stock "buy" or higher, 4
"hold" and 1 "sell"; median PT is $273 - LSEG data
    ** As of last close, stock up ~5% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))