Jefferies (JEF) Receives a Buy from Oppenheimer


Oppenheimer analyst Chris Kotowski maintained a Buy rating on Jefferies (JEF) today and set a price target of $32. The company’s shares opened today at $21.43.

Kotowski noted:

“JEF filed its 10Q after the close on Thursday 11/1, and while there is little new news we continue to think that at 85% of stated tangible book value (which we view as significantly understated) the stock is the most misunderstood and undervalued in our coverage. While the continued low valuation is on some level a frustration, we want to aggressively make the point that this is not a “value trap.” It is actually a high quality company that has generated industry-leading growth in revenues and earnings for the past two decades, that is aggressively monetizing assets that are significantly undervalued on its books and using the proceeds to buy back stock. We modestly raised our 2019E EPS due to continued strength at Idaho Timber. We are lowering our PT from $33 to $32, primarily driven by lower estimated valuation of Spectrum.”

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 9.1% and a 58.2% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Great Elm Capital Corporation, and Fidus Investment Corporation.

Currently, the analyst consensus on Jefferies is a Moderate Buy with an average price target of $30.50.

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The company has a one-year high of $28.30 and a one-year low of $19.60. Currently, Jefferies has an average volume of 2.08M.

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Jefferies Financial Group, Inc. is a holding company. It engages in investment banking and capital markets; commercial mortgage banking, online foreign exchange trading services, real estate, vehicle finance, beef processing; manufacturing; exploration and development of oil and gas; automobile dealerships, insurance and consumer products, gold and silver mining project and asset management. The company operates through the following business segments: Jefferies, National Beef, and Corporate and Other. The Jefferies segment provide integrated securities and investment banking services. The National Beef segment processes and markets fresh boxed beef, case-ready beef, beef by-products and wet blue leather for domestic and international markets. The Corporate and Other segment includes other financial instruments. Jefferies Financial Group was founded in 1968 and is headquartered in New York, NY.

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