Mizuho Financial Group upgraded to Buy from Hold at Jefferies

Jefferies analyst Hideyasu Ban upgraded Mizuho Financial Group to Buy from Hold with a price target of 2,400 yen, up from 1,800 yen. The firm, which expects the bank will beat F3/23 profit guidance, notes that its F3/24 and F3/25 profit estimates are higher than consensus. Mizuho’s less diversified revenue base than Japan’s other two "mega bank" groups means gearing to domestic rate hikes and interest income is higher than its peers, which Jefferies does not think "is in the price," the firm tells investors.