NEC Corp. initiated with a Buy at Jefferies

Jefferies initiated coverage of NEC Corp. with a Buy rating and 17,000 yen price target The firm is initiating on two of the “Big 4” Japanese IT Services companies, adding to coverage of NTT Data and Hitachi, noting that it prefers Fujitsu to NEC based on capital allocation and higher ROIC and EVA trends, but has Buy ratings on both.