Oppenheimer analyst Chris Kotowski lowered the firm’s price target on Jefferies Financial (JEF) to $74 from $97 and keeps an Outperform rating on the shares ahead of quarterly results. The firm would characterize the fundamental trends that it can see as on the lighter end of its expectations, but well within the normal range of variability, but are also baking-in an impact on the MFS fraud loss exposure as well as an additional reserve on First Brands/Point Bonita.
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