BUZZ-Jefferies falls after quarterly profit misses estimates

Reuters03-26
BUZZ-Jefferies falls after quarterly profit misses estimates

** Shares of Jefferies Financial JEF.N fall nearly 2% to $38.95 in premarket

** The investment bank missed analysts' estimates on Wednesday; its profit rose 22% in the first quarter, buoyed by investment banking, but marred by losses on loans to collapsed companies

** Morningstar says the firm offers investors a first glimpse into first-quarter investment banking results, with volumes through February impressing

** Adds, "Given that the Iran conflict emerged between the end of Jefferies' fiscal quarter and when its peers close their books, the look-through is less instructive than usual this quarter"

** Jefferies' investment banking net revenues in the quarter rose 45% to $1.02 bln from a year earlier, while total revenues climbed to $2.02 bln

** Six analysts rate the stock "buy" on average; median PT is $47 - data compiled by LSEG

** As of last close, JEF is down ~36% YTD

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))

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