Jefferies Financial Group Set for Record Advisory Quarter, But EPS Impact Limited, UBS Says

02:50 PM EDT, 09/11/2026 (MT Newswires) -- Jefferies Financial Group (JEF) is on track for its best advisory quarter on record, though the strength will have limited pull-through to earnings amid trading headwinds, UBS said in a note Thursday. UBS said a large strategic deal that closed in early September is pulling forward advisory revenue into fiscal Q3, lifting its advisory estimate by 23% and implying record results for the franchise. UBS said the pull-forward comes at a cost, leaving the fourth quarter starting at a deficit and tracking well below consensus. UBS said continued momentum in equity capital markets and equities trading should support results, but headwinds in debt capital markets and fixed-income trading off a low base will limit meaningful improvement in the comp ratio. The firm kept its neutral rating on the stock but trimmed its price target to $61 from $65. Price: 52.23, Change: -1.71, Percent Change: -3.16