Wachovia Upgrades Jefferies Group (JEF) to Market Perform
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Wachovia upgrades Jefferies Group (NYSE: JEF) to Market Perform. Valuation Range: $16.50 to $17.50.
Wachovia analyst says, "We believe the outlook for JEF remains challenging but the recent collapse of the large cap. bank sector, a solid cash equity business, and a partial privatization via the Leucadia investment should continue to protect shares...JEF maintains a solid cash equity business, which is likely benefitting from turmoil in the market and the absence of some noteworthy competitors...Due to the disruptive macro environment, results will likely continue to be weak. However, we believe JEF can capitalize on the tough market conditions by recruiting key talent from troubled institutions."
Jefferies Group, Inc., along with its subsidiaries, operates as a full-service global investment bank and institutional securities firm serving companies and their investors.
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