UPDATE: Jefferies Upgrades Boston Private Financial to Buy; ROE On Track to Hit 11%

Jefferies upgraded Boston Private Financial

from Hold to Buy and raised the price target from $10.50 to $11.00. Jefferies analyst Casey Haire commented, "We upgrade BPFH to Buy from Hold post meetings with mgmt., which give us comfort the company is on track to hit the 11% ROE target this year. The overhang of the Carlyle exit has weighed on shares (flat YTD vs. +12% peers/+9% S&P 500), but a liquidity event would likely trigger share repo and reduce equity levels, while the recent market rally provides tailwinds to ROE-friendly asset mgmt. businesses, which make up 33% of revenues." Boston Private Financial closed at $9.01 on Wednesday.