UPDATE: Jefferies Initiates Icahn Enterprises with Buy on Strong Returns Potential

In a report published Wednesday, Jefferies analyst Daniel T. Fannon initiated coverage on Icahn Enterprises LP

with a Buy rating and $66.00 price target. In the report, Fannon noted, “We are initiating coverage of Icahn Enterprises L.P. with a Buy rating and a 12-month price target of $66. In addition to a diversified set of investments, as a holding company, IEP offers investors an opportunity to access the investment ideas of Carl Icahn. We believe the current backdrop for activist type investing could lead to strong returns at IEP. Jefferies was Lead Book Runner for the IEP follow-on offering in February 2013.” Icahn Enterprises LP closed on Tuesday at $62.75.