Raymond James (RJF) Stock Forecast & Price Target

Raymond James Financial demonstrates a positive outlook primarily driven by strong performance metrics and substantial growth indicators within its wealth management segment, which holds over $1.7 trillion in client assets managed by nearly 8,800 advisors. The firm experienced a notable increase in its sweep cash, with estimates indicating a monthly growth of approximately 4.9% in September, along with significant customer cash balance increases of 2.1% sequentially. Additionally, a record recruiting pipeline, bolstered by heightened recruiting activity and favorable market conditions, is expected to further enhance the firm's earnings potential, reflecting a robust trajectory for the company.

Raymond James Financial has experienced a decline in cash balances corresponding with quarterly fee billings of approximately $1.8 billion, suggesting potential challenges in maintaining liquidity and revenue generation. In fiscal Q3 2025, the company's GAAP EPS of $2.12 and adjusted EPS of $2.18 both fell short of estimates, indicating weaker profitability than anticipated. Furthermore, notable risk factors include a stagnant interest rate environment, deteriorating economic and credit conditions, and potential fee compression, all of which could adversely impact future revenue and earnings growth.