KBW Lowers Jefferies Group Estimate

KBW is lowering its Jefferies Group, Inc. JEF F4Q10 estimate to $0.31 from $0.33 on lower equities revenues as trading volumes failed to rebound and the VIX was down again q/q. “In contrast, we expect FICC revs. to be up q/q, while momentum in investment banking activity is the bright spot which is expected to spill over into 2011,” KBW writes. “No change in F2011estimate at this time and maintain OP rating.” Jefferies Group currently trades at $24.15.