Morgan Stanley analyst Ryan Kenny raised the firm’s price target on Jefferies Financial (JEF) to $72 from $54 and keeps an Equal Weight rating on the shares. With the M&A cycle “gaining steam,” the firm estimates M&A volumes to fully revert back to three decade averages versus nominal GDP in 2027 and is rolling its valuation year from 2026 to 2027, the analyst tells investors in a note on the Midcap Advisors group.
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