KBW Trims JEF F1Q11 Estimate

KBW is trimming its F1Q11 estimate on Jefferies Group, Inc. JEF to $0.36 from $0.41 “on lower M&A and FICC revenues than originally forecast, partially offset by slightly higher ECM and equities revs.” “Adjusting F2011 est. to $1.61 from $1.67, establishing a 2012 est. of $1.85,” KBW writes. “Maintain Outperform rating as we like its diversified business mix, leverage to a better M&A environment and it is demonstrating its ability to gain market share and continue to grow.” Jefferies Group closed Wednesday at $23.60.