Factors that could cause the company to fail to achieve our target price include: slower-than-anticipated return of capital markets activity; more challenging economic backdrop than expected, which could materially impact the recruiting environment and slow loan growth more than expectations; and an increase in competition, which could result in higher transition assistance packages and increase costs.
Factors that could cause the company to exceed our target price include: capital markets activity returns faster than expected; advisor recruiting is stronger than anticipated, which could drive stronger loan growth; and trading activity is higher than expected.
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