Jefferies Raises PT on Conn's to $4.95 (CONN)

Jefferies is out with its report on Conn's CONN raising its PT from $4.53 to $4.95. In a note to clients, Jefferies writes, "Our $4.70-$5.20 Price target range is based on the stock selling at about 11-12x our $0.43 FY12 EPS estimate. We think this multiple target is more than fair when we consider: 1) there is no store growth, 2) write-off rates are still elevated, 3) continued risk that competition gets more aggressive against the Company that struggles to recover, and 4) macro risk that its lower FICO score credit customers remain under pressure and reduce spending." Shares of CONN closed Monday at $5.15, up 10.28% from Friday's close.