BUZZ-LPL Financial rises after UBS upgrades to 'buy'

Shares of wealth manager LPL Financial LPLA.O rise as much as 3.5%; last up 1.8% at $339.11

UBS upgrades LPLA to "buy" from "neutral"; raises PT to $390 from $280, a 17% upside to stock's last close

Brokerage anticipates an acceleration of client asset and cash growth over the coming quarters amid a more bullish environment for wealth management firms

UBS adds that there are multiple avenues from which LPLA can generated industry-leading growth, most notably in the enterprise space

Brokerage expects to see more consolidation in the enterprise space as institutions partner with platforms that can offer superior capabilities

Fourteen of 17 brokerages rate the stock "buy" or higher, two "hold", and one "sell"; with a median PT of $379, according to data compiled by LSEG

LPLA stock jumped 43.5% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))