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Ladenburg's Bove Adds Color on Lehman (LEH) Intraday Upgrade

August 21, 2008 1:58 PM EDT Send to a Friend
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Appearing on CNBC's mid-day edition of Fast Money, Ladenburg Thalmann analyst, Dick Bove gave the traders several reasons why his firm upgraded shares of Lehman Brothers (NYSE: LEH) intraday.

Bove pointed out that when the value of Neuberger Berman, Lehman's prized asset management unit, is subtracted from the value of Lehman, "you get Lehman for less than $0". Essentially, Bove is saying that at current prices, investors are getting all of Lehman for free.

Continuing, Bove said he believes that Lehman does not need to get rid of certain assets at fire-sale rates.

As news of the upgrade hit the wires, shares of Lehman jumped about 5% from $12.85 to $13.57 in just 10 minutes. Since then, the stock has given back some gains and is now trading around $13.30, down about 3% on the day.

Lehman Brothers Holdings, Inc., through its subsidiaries, provides various financial services to corporations, governments and municipalities, institutions, and high-net-worth individuals worldwide.



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Analyst Comments, Insiders' Blog

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UBS, Lehman Brothers, Richard Bove, Ladenburg Thalmann Financial Services

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