NEW YORK, Feb 3 (Reuters) - Raymond James Financial Inc (RJF.N: Quote, Profile, Research), one of the last remaining independent regional financial research firms, could be a take over target or at least an attractive buy for investors looking to rebuild exposure to quality financial stocks, Barron's said.

"Without suggesting it will be acquired any time soon," Barron's said in its Feb. 4 edition, the risk-reward considerations looks favorable.

Using what Wachovia Corp (WB.N: Quote, Profile, Research) paid last year for A.G. Edwards, based on client-asset levels Raymond James would be worth close to $4 billion, without a premium for its asset- management unit and its bank, Barron's said. Additionally, top managers have been buying shares.

The shares are trading near two-year lows, partly on concerns involving the rapid growth of Raymond James Bank, Barron's said. The unit acts largely as a facility to "sweep" client funds into deposit accounts.

Yet Barron's said the bank's book of mostly purchased loans seems fairly sound, and a good portion of it was acquired late last year when the market turmoil made descent paper available at good prices.

The core value of Raymond James is its wealth-management business: with nearly 5,000 brokers handling $217 billion in client assets, Barron's said. Its asset-management unit oversees $37 billion and contribute more than 15 percent of pretax income.