Stifel Financial Shares Rise On Analyst's Optimism

BOSTON (AP) — Shares of Stifel Financial Corp. rose Friday after a Goldman Sachs analyst added the financial services company to a special list of top picks, saying Stifel is positioned for strong growth.

In adding Stifel to the "Americas Conviction Buy List," analyst Daniel Harris wrote that the company offers "an attractive mix of retail and institutional capital markets exposure, which should benefit in the current environment and offer steady growth over the next 12 months."

After markets closed Thursday, the St. Louis-based parent of Stifel Nicolaus & Co. announced the completion of a stock offering that raised about $45 million.

Shares of Stifel rose $1.68, or 3.8 percent, to close at $45.88 Friday, near the middle of its 52-week range of $29.13 to $60.61.

Harris set a $55 six-month price target for the stock.

"Stifel trades at a premium to its historic price/earnings multiple, but we believe the premium is warranted given above average growth prospects over the next few years," Harris wrote in a research note Thursday.