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JMP upgrades Raymond James Financial's rating to 'market outperform'

JMP Securities LLC analyst Devin Ryan upgraded Raymond James Financial Inc.'s rating to "market outperform" from "market perform."

The analyst set the company's price target at $110.

Ryan wrote that the company's current valuation does not accurately reflect its growth potential. He sees no sign of Raymond James' organic growth slowing, especially within its private client business. A portion of the company's excess capital, he wrote, could also be used for an acquisition within the next couple of years.

Additionally, Ryan views the company's costly recruiting efforts as a good investment that will drive its long-run value.