Raymond James: Turning Bullish After Earnings Preview And Investor Day (Upgrade)

I'm revising Raymond James Financial, Inc.'s (RJF) rating from "Hold" to "Buy." It boasts solid short- and long-term prospects based on my read-throughs from the quarterly results preview and the 2026 Investor Day. I expect RJF to beat 3QFY26 EPS consensus, driven by the outperformance of its Capital Markets and Private Client Group segments. Management highlighted an ambitious Capital Markets revenue growth target and a potential margin-enhancing mix shift towards managed portfolios at the Investor Day 2026.