Oppenheimer Raises Price Target on Leucadia National (LUK) to $28; Reiterates Outperform
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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."
Shares of Leucadia National closed at $21.33 yesterday.
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