Leucadia could hit $30 in the next year -Barron's
Sun Dec 7, 2008 12:57pm EST
NEW YORK, Dec 7 (Reuters) - Shares of Leucadia National (LUK.N: Quote, Profile, Research, Stock Buzz), a conglomeration of investments in businesses and stocks, have fallen 60 percent since Sept. 30, to about $17 but could hit $30 in the next year, Barron's said on Sunday.
Many of Leucadia's key equity holdings, including Australian iron-ore producer Fortescue Metals Group and Jefferies Group Inc (JEF.N: Quote, Profile, Research, Stock Buzz), have suffered declines but if Ian Cumming and Joseph Steinberg, the secretive duo who run Leucadia, display their old stock-picking prowess and if some of the company's equity holdings turn around, the stock could rebound, Barron's said.
Many investors see Leucadia simply as a way to profit from the investment acumen of Cumming and Steinberg, who may be the lowest-profile leaders of any sizable public company, according to Barron's. They make public appearances only at the annual meeting. Few analysts cover the company.
But past results inspire continued confidence in fans. "I don't think that they suddenly took stupid pills," one investor told Barron's. (Reporting by Helen Chernikoff; Editing by Leslie Adler)
