Keefe, Bruyette & Woods Maintains a 'Hold' on Piper Jaffray (PJC); Raises PT & Estimates on Strong Underwriting
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Keefe, Bruyette & Woods maintains a 'Hold' rating on Piper Jaffray (NYSE: PJC):
Keefe analyst says, "We are raising our 3Q09 EPS estimate for Piper Jaffray from $0.22 to an above-consensus $0.38 to reflect stronger equity underwriting and public finance activity as well as higher institutional fixed income revenues. We are lowering our 4Q09 estimate from $0.39 to $0.28 on a lower investment banking revenue estimate based on the current visibility in the pipeline. We have also increased our 2010 estimate from $1.95 to $2.20 on higher revenue estimates, in both institutional cap. markets and M&A advisory, where we believe we were a bit too conservative. Our price target increases as a result from $45 to $51, approximately 23x forward EPS and in line with est. 2010 BV."
To see more analyst ratings on PJC Click Here.
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