Oppenheimer Raises Price Target on Leucadia National (LUK) to $28; Reiterates Outperform

November 30, 2016 10:36 AM EST
Get Alerts LUK Hot Sheet
Price: $22.55 -0.97%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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Oppenheimer reiterated an Outperform rating on Leucadia National (NYSE: LUK), and raised the price target to $28.00 (from $23.00), reflecting the strong appreciation in peer investment banking company valuations in recent weeks.

Analyst Chris Kotowski commented, "We are raising our target price on LUK shares from $23 to $28. The move mainly reflects the strong appreciation in peer investment banking company valuations in recent weeks. Jefferies is LUK's largest investment, and we have been valuing it at 1.0x tangible book value, which is where the group had been trading most of the past year. The peers are now on average at 1.46x, and moving to this valuation level results in the change of target noted above."

For an analyst ratings summary and ratings history on Leucadia National click here. For more ratings news on Leucadia National click here.

Shares of Leucadia National closed at $21.33 yesterday.



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