Jefferies Upgrades Boston Private Financial (BPFH) to Buy

March 14, 2013 7:10 AM EDT Send to a Friend
Get Alerts BPFH Hot Sheet
Price: $12.55 -0.16%

Rating Summary:
    3 Buy, 4 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Jefferies upgraded Boston Private Financial (NASDAQ: BPFH) from Hold to Buy with a price target of $11.00 (from $10.50).

The analyst comments, "We upgrade BPFH to Buy from Hold post meetings with mgmt., which give us comfort the company is on track to hit the 11% ROE target this year. The overhang of the Carlyle exit has weighed on shares (flat YTD vs. +12% peers/+9% S&P 500), but a liquidity event would likely trigger share repo and reduce equity levels, while the recent market rally provides tailwinds to ROE-friendly asset mgmt. businesses, which make up 33% of revenues."

The firm raised FY13 EPS from $0.75 to $0.80 and FY14 from $0.80 to $.85.

For an analyst ratings summary and ratings history on Boston Private Financial click here. For more ratings news on Boston Private Financial click here.

Shares of Boston Private Financial closed at $9.01 yesterday.

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