UPDATE: Goldman Sachs Upgrades Stifel Financial to Buy, Ups PT to $37
Goldman Sachs raises its rating on Stifel Financial (NYSE: SF) to Buy from Neutral and raises its price target up $6 to $37 on exposure to fee-based business as well as higher volumes.
Goldman Sachs notes, "Stifel has many of the characteristics we prefer for 2012 – nearly all of its revenues are US based, it has exposure to fee-based income versus a reliance on trading activity owing to its wealth management, bank, and investment bank, and it has been an active user of its equity for niche-acquisitions which we expect to continue as it searches for growth. Risks include lower equity markets or inability to hire."
SF closed at $32.49 per share on Friday.
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