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UPDATE: Goldman Sachs Downgrades Stifel Financial to Sell on Growth Outlook

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Goldman Sachs reduced its rating on Stifel Financial (NYSE: SF) from Neutral to Sell with a $28 price target.

Goldman Sachs commented, "We believe the Street is too optimistic on SF's 2013 EPS growth outlook (+30% with a +200 bps pre-tax margin expansion), which we believe is unlikely absent a sharp recovery in volumes or retail investor risk appetite – two primary drivers for SF. We are 14% below the Street for 2013/2014. Furthermore, SF's valuation is stretched with the stock trading at a 20% premium to its closest peer, Buy-rated RJF (SF is at 14.5X our 2013 P/E versus RJF at 12.2X)."

Stifel Financial closed at $32.15 on Friday.

Latest Ratings for SF

Sep 2016NomuraMaintainsBuy
Sep 2016MacquarieMaintainsOutperform
Jul 2016NomuraMaintainsBuy

View More Analyst Ratings for SF
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings


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