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BofA initiated coverage of Raymond James Financial (NYSE:RJF) with a Buy rating and $122 price target in a note Monday.
Analysts told investors in a note that RJF is a diversified broker that is better insulated from rates than its peers.
"RJF has exhibited strong organic growth while maintaining its high assets under custody target adviser base appealing to brokers looking to leave wirehouses in favor of more independence while still requiring strong technology and support," the analysts wrote.
"RJF has one of the most diversified gross-profit driven business models under our coverage and is positioned well to handle future macro scenarios versus many of its interest-rate dependent peers."
The analysts also stated that RJF's defensive portfolio equals the potential for strong net interest revenue, while its capital markets and asset management segments are well-suited for a more bullish environment.