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 $20.19.
Kotowski wrote:
“Jefferies filed its 10Q after the close on 4/9 and we have now filled in some incremental details of our model. Recall that the company had already reported the bulk of the substance of its results in a press release on March 28 and we published our note Trading & M&A OK on that same date. Overall, there were no substantive changes, in our view, but a few tidbits are worth noting. However, our core earnings and sum-of-the-parts estimates are little changed. We continue to recommend the stock with a $32 target price, a $1 increase primarily driven by higher comp multiple since our last reprice (from 1.24x TBV to 1.33x).”
According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 12.5% and a 69.3% success rate. Kotowski covers the Financial sector, focusing on stocks such as Apollo Global Management LLC, Fidus Investment Corporation, and Oaktree Capital Group Llc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Jefferies with a $32 average price target.
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Based on Jefferies’ latest earnings release for the quarter ending February 28, the company reported a quarterly net profit of $45.83 million. In comparison, last year the company had a net profit of $125 million.
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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 provides 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.
