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Jefferies Financial initiated with a Market Perform at BMO Capital

BMO Capital initiated coverage of Jefferies Financial (JEF) with a Market Perform rating and $69 price target The company’s long-term positioning is interesting, but the near-term setup is more challenging, the analyst tells investors in a research note. The firm said that Jefferies has aggressively invested in talent and platform expansion, creating real potential for future share gains as activity rebounds. Longer-term, Jefferies has a strong opportunity to consolidate share, particularly in Equities, but consensus is thin, expectations are elevated, and the stock still looks rich, the analyst adds.

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