Oppenheimer Maintains a 'Perform' on Jefferies Group (JEF); Cutting Estimates Ahead of Q2 Report

Oppenheimer maintains a 'Perform' on Jefferies Group (NYSE: JEF).

Analyst, Chris Kotowski, said, "We are trimming our earnings estimates ahead of their 2Q12 earnings release, which is expected on Tuesday the 19th. We last updated our estimate on March 20th when they reported 1Q results, and the environment has clearly been much more challenging since that time. We are cutting our 2Q EPS estimate significantly from $0.39 to $0.25 and trimming the "out" quarters but less dramatically. A lot can change very quickly in this business, and we don't believe that one should ever become overly optimistic or pessimistic on any one quarter's trend."

FY12 EPS estimate from $1.42 to $1.25 and FY13 from $1.72 to $1.60. Lowers Q2 trading revenue from $470 mln to $370 mln.

For an analyst ratings summary and ratings history on Jefferies Group click here. For more ratings news on Jefferies Group click here.

Shares of Jefferies Group closed at $12.93 yesterday.

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