Oppenheimer Has Perform Rating On Jefferies Group (JEF)

Oppenheimer & Co. has a Perform rating on shares of Jefferies Group JEF. In a note to clients, Oppenheimer writes, "JEF appears to be firing on all cylinders and posted another strong quarter; the company surprised on the upside across almost all business lines. We continue to like the Jefferies growth strategy and believe that it is one of the few real mid-cap growth stories in the financial services industry. However, while the company continues to surprise on the upside in terms of executing on its growth plan relative to consensus numbers, the stock has been a market performer since its surge in early 2009, and it chronically appears at best fully priced, and at worst expensive relative to peers. Thus, other than for very long-term oriented investors, we would continue to hunt for a better entry point." Shares of JEF lost 6 cents yesterday to close at $24.48, a loss of 0.24%.