Keefe, Bruyette & Woods Upgrades BGC Partners (BGCP) to Outperform; High Yield and Attractive Valuation

Keefe, Bruyette & Woods upgraded BGC Partners (NASDAQ: BGCP) from Market Perform to Outperform with a price target of $8.00.

KBW analyst says, "With almost 30% upside to our new $8 price target and almost 40% including the $0.68 annual dividend, we upgrade BGCP to OP from MP. Our $8 price target is an implied 9X our 2012 EPS estimate of $0.87, lower than BGCP's historical median multiple of 10-11X, and BGCP is currently trading significantly below peer inter-dealer broker multiples. We think BGCP's acquisitive strategy should drive earnings growth."

For more ratings news on BGC Partners click here and for the rating history of BGC Partners click here.

Shares of BGC Partners closed at $6.26 yesterday.

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