KBW Reiterates Outperform on Jefferies Group (JEF)

KBW is out with its report today on Jefferies Group JEF, reiterating Outperform. In a note to clients, KBW writes, "JEF generated record net revs. of $758 mil. which was 20% ahead of our est. and $0.42 in EPS which compares to our $0.36 which is also consensus. Equity and in particular FICC trading revs. were ahead of our forecasts while IBK revs. were a little light. Comp. ratio was 58.4%, above our forecast of 57%. Adjusting estimates, maintaining price target and reiterate Outperform rating." KBW adjusts its 2011 EPS estimate from $1.61 to $1.70. KBW has a $30 PT on JEF. Shares of JEF closed Tuesday at $24.48, down 0.24% from Monday's close.