Raymond James Financial: Investor Day Preview 2026:

Research evidence excerpt

Raymond James Financial: Investor Day Preview 2026:

Equity Research

U.S. Brokers, Asset Managers & Exchanges

26 May 2026

Raymond James Financial

Investor Day Preview 2026:

RJF is set to host their 2026 Annual Analyst & Investor Day on

5/27. While there will be myriad interesting presentations, we

see four core themes likely to shape the discussion that RJF OVERWEIGHT U.S. Brokers, Asset

Managers & Exchangesinvestors will be keying in on: NNA growth, i-banking, POSITIVE

Price Target USD 182.00

strategic M&A, and margins. Price (15-May-26) USD 154.11

Potential Upside/Downside +18.1%

Source: Bloomberg, Barclays Research

Key takeaway: Heading into the event, while we expect myriad interesting presentations

including AI usage and advisor tools, we see four core themes likely to shape the discussion that

investors will be keying in on: (1) a more front-footed stance on recruiting and retention in U.S. Brokers, Asset Managers &

wealth management, which we believe has driven the more recent recovery in NNA growth; (2) Exchanges

growing confidence in an improving investment banking backdrop; (3) continued optionality Benjamin Budish, CFA

around strategic M&A; and (4) a focus on margin expansion within the broader financial target +1 212 526 2418

benjamin.budish@barclays.comframework. Taken together, these points reinforce our constructive view on RJF's medium-term

BCI, US

outlook, with the key debate centering on the macro backdrop and how aggressively

management chooses to invest for growth while balancing driving operating leverage. Mark McLaughlin, CFA

+1 212 526 9320

Recruiting and Retention have been heating up. We expect an updated read on the wealth mark.mclaughlin@barclays.com

advisory environment and RJF’s current stance on recruiting. In recent years, industry BCI, US