研究警报：CFRA对Stifel Financial Corp.的股票提出意见，将从Hold购买

12:25 PM EST, 01/26/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month target price of $80, applying forward P/E of 12.6x our FY22 EPS estimate, slightly below SFs 10-year average of 13.3x. We raise our 2022 EPS by $0.10 to $6.35 and start 2023 at $6.51. SF reported Q4 EPS of 2.12 vs. 1.67, beating consensus by $0.45 on record net revenues +23% Y/Y. We see growing client assets (+22% to $436bn) within Global Wealth Management (GWM), a strong deal pipeline within Institutional Group (IG), and positive net interest income (NII) outlook providing growth catalysts through 2022. SF reported record revenues within GWM (+17% Y/Y) and IG (+29% Y/Y), boosting pre-tax margin to 25.7% vs. 23.8%, despite an increase in expenses +20% Y/Y. Although compensation expense increased 22% Y/Y, the comp. ratio fell slightly to 58.1% vs. 58.6%. SF Bancorp saw NII rise 31% Y/Y as interest earning assets increased by 28% Y/Y. We project growth in NII of 20-25% in 2022, driven by the rising rate environment. SF doubled its annual dividend to $1.20 vs. $0.60.