Jefferies upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Jefferies Financial Group to Equal Weight from Underweight with a price target of $36, up from $27. The analyst also upgraded the midcap advisors sector to Attractive from In-Line. Lower volatility and recovering markets point to a merger and acquisiotn inflection in 2024, the tells investors in a research note. While earnings prints are “likely murky” over the coming quarters, investors will focus increasingly on pipelines and “green shoots” as a new M&A cycle begins, says the firm. It believes the capital markets “are starting to show signs of life,” driving an improved outlook for M&A in 2024.