UPDATE: KBW Lowers PT on Stifel Financial to $44

KBW is out with its report today on Stifel Financial SF, lowering its PT to $44. In its report, KBW writes, "The $359 mil. in net revenue was a $0.01 beat to our estimate but was more than offset by higher expenses. The difference between reported and operating was $41.8 mil. in litigation res. exp and $1.3 mil. in merger related exp. Lowering estimates and price target but maintaining OP rating." Shares of SF closed Monday at $29.48.