Keefe Bruyette & Woods Downgrades Stifel Financial To Market Perform

Keefe Bruyette & Woods is downgrading Stifel Financial SF to Market Perform from Outperform on valuation as shares are up 49% since 8/31/2010. With the stock trading within 4% of our revised $67 PT, there is not enough upside to maintain OP rating. KBW remains strong believers in the firm's business and growth prospects but our 2011 EPS estimate already implies EPS growth of 37% and stock is trading at or above its historical valuation levels. KBW has a $67 PT on SF SF closed Thursday at $64.63