UPDATE: Jefferies Raises Price Target on Conn's to $12

According to Jefferies, Conn's CONN price target is raised to $12. Jefferies said that it saw various puts and takes contribute to the Q3 miss including higher SG&A and reductions in service agreement revenue from defaulted accounts. “Our $12 price target (from $7) is based on the stock selling at about 11x our $1.10 FY13 EPS estimate.” Conn's closed on Friday at $12.74.