Market Perform - Price 40.83 on March 24
by Keefe, Bruyette & Woods

After [last Monday's] close, SF announced it would acquire up to 55 UBS branches and 320 financial advisers. The total transaction cost, if all advisers join, will be about $46 million...We believe the deal is positive for Stifel, and an indication of its solid financial position [and that] SF's premium valuation of 1.8 times current book value versus an average of 1.3 times for peers already reflects its less risky model (limited bank exposure) and growth potential. [Estimated 1Q09 EPS is 56 cents, versus actual 72 cents for 4Q08]. Maintaining Market Perform rating and 43 target. Market cap: $1.2 billion.

bot while employed at brokerage firm

bot while employed at brokerage firm

ford