Raymond James Financial (RJF) Could Be 15% Undervalued Following Technology Banking Hire

Executive hire puts Raymond James Financial in focus

Raymond James Financial (RJF) has moved its capital markets franchise into the spotlight after hiring Dan Connolly as senior managing director and head of Technology Services Investment Banking.

Connolly brings nearly three decades of deal experience and will guide the direction and potential expansion of Raymond James Financial's Technology Services platform, an area many investors watch as investment banking evolves.

While Raymond James Financial is reshaping its technology investment banking bench, the share price has eased, with a 30-day share price return down 8.5% and a year to date share price return down 3%, even as the 3-year total shareholder return of 63.1% points to stronger longer term momentum.

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The recent pullback in Raymond James Financial after a long stretch of strong shareholder returns presents a simple tension: Is this the early innings of further upside, or has most of the easy gain already passed?

Most Popular Narrative: 15% Undervalued

Against Raymond James Financial's last close of $158.65, the most followed narrative anchors on a fair value of $186, which implies a valuation gap that hinges heavily on adviser growth, technology spend and capital deployment.

Raymond James Financial's continued success in recruiting experienced financial advisors with sizable production and client assets, alongside very high adviser satisfaction and strong net new asset inflows such as the US$75b added domestically over the first nine months of fiscal 2026, is expected to keep expanding client assets under administration and support future fee and commission revenue.

See why 15 investors see Raymond James Financial as 15% undervalued.

Result: Fair Value of $186 (UNDERVALUED)

Still, heightened tariff related uncertainty that hits deal activity, or a sustained rise in legal and professional costs, could quickly challenge this Raymond James Financial optimism.

Find out about the key risks to this Raymond James Financial narrative.

Next Steps

Mixed signals around Raymond James Financial often create more noise than clarity, so move quickly from headlines to hard numbers and weigh both sides by examining the 4 key rewards and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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