First Niagara Financial Group Inc. (FNFG)

[qqbmed]

First Niagara Started At Buy By Jefferies Last update: 12/29/2011 6:53:24 AM(END) Dow Jones NewswiresDecember 29, 2011 06:53 ET (11:53 GMT)

MARKET TALK: Time To Buy Back Into First Niagara?Last update: 12/29/2011 7:40:26 AM7:40 (Dow Jones) Jefferies initiates coverage of First Niagara Financial (FNFG) at buy calling it one of the cheapest yield plays in the banking sector. Jefferies likes the bank's high-teens tangible return on equity profile and expects it to be in the capital building mode as it digests branches it acquired from HSBC in upstate New York and Connecticut. Firm expects earnings to struggle near-term and rebound in the second half of 2012. Jefferies has a $10 price target for the shares which have lost 40% over the last year to close at $8.46 Wednesday. ([e-mail])