Stifel Financial initiated with a Market Perform at BMO Capital

BMO Capital analyst Brennan Hawken initiated coverage of Stifel Financial (SF) with a Market Perform rating and $121 price target The company is well-positioned for a likely pick-up in bank M&A, supported by its Keefe, Bruyette & Woods franchise, the analyst tells investors in a research note. The firm believes the stock should trade more like a wealth manager than an investment bank, but without a clear catalyst inertia likely prevails.