Jefferies Upgrades Mitsubishi UFJ Financial (MTU) to Buy

Jefferies upgraded Mitsubishi UFJ Financial (NYSE: MTU) from Hold to Buy.

The firm comments, "We upgrade MUFG from HOLD to BUY. The main reason for this is the further multiple expansion and upward revisions of earnings forecasts to reflect the change in our TOPIX and USD/JPY assumption. Our new target price is ¥540 based on our BPS estimate for FY3/13, ¥749.77, multiplied by 0.72x PBR. MUFG is our new top pick amongst the Japanese mega banks, replacing SMFG."

For an analyst ratings summary and ratings history on Mitsubishi UFJ Financial click here. For more ratings news on Mitsubishi UFJ Financial click here.

Shares of Mitsubishi UFJ Financial closed at $5.15 yesterday.

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