Jefferson Capital price target raised to $26 from $23 at Citizens JMP

Citizens JMP raised the firm’s price target on Jefferson Capital (JCAP) to $26 from $23 and keeps an Outperform rating on the shares. Jefferson Capital delivered better-than-expected revenue and earnings as portfolio yields were better than expected and the record quarterly deployment was significantly above the firm’s estimates, the analyst tells investors in a research note. Citizens continues to believe the company remains the beneficiary of increasing supply of distressed paper, stable pricing/yields, stable employment, excess capital, significant competitive barriers, and with the recently announced Bluestem portfolio acquisition.