Update: Jefferies Raising Price Target On First Cash Financial

Jefferies & Co. is out with a research report on First Cash Financial Svs. FCFS after it reported earnings, and it is significantly raising its price target to $47 from $35, and it has a Hold rating on shares. In a note to clients, Jefferies & Co. writes, "FCFS posted another all around good quarter, beating consensus by $0.02, and coming in $0.01 shy of our Street-high $0.49 estimate. Mexico continued to drive growth, now representing over 57% of revenue, while US pawn growth remains above long-term averages. Management narrowed full-year 2011 guidance of $2.16-2.20/share, bringing up the lower end by $0.04, and increased store count guidance from 70-80 stores to 80-85." Shares of FCFS lost 88 cents yesterday to close at $41.66, a loss of 2.07%.