09:40 AM EDT, 03/28/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Despite earnings miss, we believe overall results were positive and showcased an emerging recovery within the sector. We raise our target by $5 to $52, on a forward P/E of 14.0x our FY 24 (Nov.) EPS estimate, a slight discount to JEFs five-year average multiple (14.8x) due to risks of recession or fewer-than-expected rate cuts weighing on the recovery of capital markets. We lift our FY 24 EPS estimate by $0.32 to $3.70 and FY 25's by $0.27 to $4.63. JEF posted FQ1 adjusted EPS of $0.68 vs. $0.55, a $0.08 consensus miss, although impacted by an $0.18 loss taken on an investment. Net revenues jumped 35% Y/Y, driven by a 31% Y/Y increase within Investment Banking that was led by a 65% Y/Y increase in Underwriting activity. In Capital Markets (CM), revenues jumped 9% Y/Y led by improved Equity CM performance (+18% Y/Y). Asset management strategies saw significant improvement in FQ1, with revenues of $273M vs. $68M (+299% Y/Y), a result of improved performance across the majority of investment strategies and funds.