Jefferies Group (JEF) PT Raised to $58 at Oppenheimer

(Updated - June 28, 2024 7:42 AM EDT)

Oppenheimer analyst Chris Kotowski raised the price target on Jefferies Group (NYSE: JEF) to $58.00 (from $57.00) while maintaining a Outperform rating.

The analyst commented: "JEF's F2Q24 results were largely without surprise. Bottom-line EPS of $0.64 matched our $0.64 estimate (vs. consensus' $0.63E), as slightly higher than expected revenues roughly netted against higher expenses and effective tax rate. We, however, would note that these roughly in-line results more importantly convey continued positive momentum for JEF, as $739M of ECM, DCM, and M&A revenues rose 50% year/year and $691M of trading revenues grew 27% Y/Y. The one "surprise" in the print for us was rather a 17% increase in the quarterly dividend to $0.35/share (implying a ~3.0% forward yield), such that we view this increase as a signal of confidence in the run-rate ability of the Jefferies business."

You May Also Be Interested In

• Calavo Growers (CVGW) PT Lowered to $25 at Jefferies
• Exxon-Hess Arbitration Panel Nears Formation - Reuters
• Jazz Pharmaceuticals (JAZZ) PT Lowered to $113 at UBS