KBW Research SMID-Cap Broker Preview: Downgrades COWN & JMP
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Price: $2.81 --0%
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade COWN Now!
KBW Research downgrades Cowen Group (Nasdaq: COWN) from Outeperform to Market Perform, lowers price to $4.90 to $6.50.
KBW downgrades JMP Group (NYSE: JMP) from Outperform to Market Perform, maintains $9.50 PT.
KBW maintains an Outperform rating on Duff & Phelps (NYSE: DUF), lowers PT to $16 from $20.
KBW maintains an Outperform rating on Gleacher & Company (Nasdaq: GLCH), lowers PT to $5.75 from $7.
KBW maintains a Market Perform rating on Piper Jaffray Companies (NYSE: PJC), lowers PT to $36 from $46.
KBW analyst says, "Updating 2Q10 EPS est. for the SMID-cap brokers as well as DUF, which are expected to report EPS beginning next week. Lowering 2Q est. for COWN, DUF, GLCH and PJC and leaving JMP unchanged. Downward revisions largely a function of less robust capital raising and M&A activity than initially anticipated, offset somewhat by decent trading volumes. While April can be characterized as fairly robust, capital markets trends deteriorated in May-June due to European contagion fears, slower economic growth, the May 6th flash crash, and heightened volatility. Lowering PT's for several firms on lower EPS expectations."
KBW downgrades JMP Group (NYSE: JMP) from Outperform to Market Perform, maintains $9.50 PT.
KBW maintains an Outperform rating on Duff & Phelps (NYSE: DUF), lowers PT to $16 from $20.
KBW maintains an Outperform rating on Gleacher & Company (Nasdaq: GLCH), lowers PT to $5.75 from $7.
KBW maintains a Market Perform rating on Piper Jaffray Companies (NYSE: PJC), lowers PT to $36 from $46.
KBW analyst says, "Updating 2Q10 EPS est. for the SMID-cap brokers as well as DUF, which are expected to report EPS beginning next week. Lowering 2Q est. for COWN, DUF, GLCH and PJC and leaving JMP unchanged. Downward revisions largely a function of less robust capital raising and M&A activity than initially anticipated, offset somewhat by decent trading volumes. While April can be characterized as fairly robust, capital markets trends deteriorated in May-June due to European contagion fears, slower economic growth, the May 6th flash crash, and heightened volatility. Lowering PT's for several firms on lower EPS expectations."
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