Oppenheimer upgrades Jefferies on upbeat investor day

Oppenheimer upgraded Jefferies Financial (JEF) to Outperform from Perform with an $81 price target The firm says Jefferies’ investor day brought increased confidence in its longer-term trajectory. The company has a “specific issue” with its First Brands exposure, but this is “very limited,” the analyst tells investors in a research note. The stock is down on “atmospheric” credit concerns which are “dubious,” contends Opco. It views Jefferies as “entrepreneurial” with insiders owning 35%, and sees the company’s growth as “very dynamic.”