UPDATE: Jefferies Initiates Harbinger Group at Buy on Discounted Valuation

Jefferies initiated coverage on Harbinger Group Inc HRG with a Buy rating and a $9.50 price target. Jefferies commented, "HRG is a diversified holding company trading at a discount to its current NAV. HRG's core segments of consumer, insurance and energy all represent stable cash flow generative segments with leverage to an improving economy. Jefferies acted as a Lead Bookrunner in the company's recent secondary offering." Harbinger Group closed at $7.75 on Tuesday.