Goldman Sachs Retains Jefferies Group Sell, Lowers PT To $23 (JEF)

Goldman Sachs retains its Jefferies Group JEF Sell rating and lowered Jefferies Group's price target from $24 to $23 in a research report.

In the report, Goldman Sachs states, "We lower our F1Q11 and F2011-F2013 estimates on JEF owing to a lower pace of activity than we had expected, further magnified by the material restatement of earnings lower following their review of an accounting discrepancy in their fixed income business."

Shares of Jefferies Group closed Thursday at $23.25, reflecting no change from Wednesday's market close.