Jefferies Raises Price Target on Sumitomo Mitsui Financial (SMFG)

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Jefferies reiterated its Buy and raised its price target on Sumitomo Mitsui Financial Group (NYSE: SMFG).

The firm comments, "We reiterate our Buy rating on SMFG. The share price is close to our previous target price of ¥2,990 and we revise our target price upwards to ¥3,500. This represents a 21.6% upside from March 27 close. We switch our top pick in the banking space from SMFG to MUFG due to the completion of share buybacks and the recent relative performance of the two stocks. Our new target price is based on 0.83X P/BV."

For an analyst ratings summary and ratings history on Sumitomo Mitsui Financial Group click here. For more ratings news on Sumitomo Mitsui Financial Group click here.

Shares of Sumitomo Mitsui Financial Group closed at $6.85 yesterday, with a 52 week range of $5.12-$7.06.

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