Broker stocks got a lift Tuesday from an analyst upgrade.
rose $1.06 to $155.82,
rose $1.67, to $199.12,
rose 56 cents to $76.67,
rose 33 cents to $91.18, while
rose 27 cents, to $79.58.
Analyst Dick Bove of Punk Ziegel raised his ratings on each of those firms to accumulate from market perform.
Bove, in a research note, attributes the rosier outlook to a continuing strong environment for corporate dealmaking and a robust stock market, which has fueled demand for IPOs. He also says a surge in private-equity-sponsored buyouts is fueling advisory work and capital markets activity at the big investment banks.
Bove also raised full-year earnings estimates for three investment firms, Bear Stearns, Goldman Sachs and Morgan Stanley, whose fiscal years end on Nov. 30.