LPL Financial Holdings

LPLA · NASDAQ

$321.88+$5.72 (+1.81%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $316.16

LPLA analyst rating

BuyConsensus of 14 analysts over the last 12 months. 79% rate it a buy.

Strong buy0
Buy11
Hold3
Underperform0
Sell0

12-month price target · 18 analysts

Average $438.50 (+36.2% upside)

Low: $380.77
Now: $321.88
High: $584.85

Upgrades and downgrades

The latest rating actions, newest first

LPLA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 12, 2026	Maintains	Hold	$377.00 → $380.00	53%
Morgan Stanley	Oct 9, 2026	Maintains	Overweight	$387.00 → $393.00	54%
UBS	Oct 7, 2026	Maintains	Buy	$391.00 → $390.00	43%
JP Morgan	Oct 7, 2026	Maintains	Overweight	$428.00 → $445.00	53%
Barclays	Oct 7, 2026	Maintains	Overweight	$401.00 → $409.00	57%
BMO Capital	Oct 6, 2026	Maintains	Outperform	$390.00 → $370.00	56%
B of A Securities	Oct 5, 2026	Maintains	Buy	$557.00 → $554.00	55%
Citizens	Oct 5, 2026	Maintains	Market Outperform	$500.00	64%
Wells Fargo	Oct 2, 2026	Initiates	Overweight	$362.00	63%
Truist Securities	Sep 1, 2026	Initiates	Hold	$389.00	57%

The case for and against

Updated Oct 15, 2026

Bull case

LPL Finl Hldgs is well positioned to benefit from the industry’s shift toward AI-driven efficiency because its scale, compliance infrastructure, and integrated operating platform make it hard to disintermediate a trusted advisor relationship. With more than 32,000 advisors, roughly 11 million customer accounts, and about $2.4 trillion in client assets, it can spread nearly $500 million of 2025 technology spending and more than 350 product enhancements across a large base, supporting higher advisor productivity and lower unit costs. Commonwealth, improving recruiting, and potential monetization changes could further strengthen organic growth, earnings quality, and operating leverage, while management’s revised 2026 core G&A outlook of $2.140 billion to $2.165 billion underscores improving expense discipline.

Bear case

LPL Finl Hldgs is viewed negatively because its earnings remain heavily exposed to variables outside management’s control, especially short-term rates, market levels, and client cash behavior. Falling rates would pressure net interest income and cash sweep revenues, while a steep drop in U.S. equities would weaken asset-based fees and commissions, even as rising rates could also trigger adverse client cash sorting and slower interest-earning asset growth. Competition for financial advisors is fierce, and elevated litigation, liquidity, and integration risks could further constrain growth, damage reputation, and weigh on ROTCE.

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