Raymond James Financial Inc

RJF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Raymond James: Increasing Our Fair Value Estimate 11% to $147

Michael Wong

Dec 12, 2024

We are increasing our fair value estimate to $147 per share from $132 for narrow-moat-rated Raymond James Financial, which implies a forward price/earnings ratio of about 11.5 times and a price/book ratio of 2.5 times. Of the $15 increase in our fair value estimate, about $4 is from earnings since our previous valuation update, $8 is from increasing our normalized operating margin forecast, and the remaining $3 is from miscellaneous adjustments.

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Raymond James Financial Inc

Raymond James: Increasing Our Fair Value Estimate 11% to $147

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