Markets & Finance

Jefferies Upgrades IndyMac to 'Buy'

Jefferies upgraded IndyMac Bancorp (NDE) to buy from hold.

Analyst Charlotte Chamberlain says the company's new 2003 earnings per share guidance went from the midpoint of $2.75, to $3.00, and the 2004 earnings per share guidance debuted with a $3.07 midpoint. Chamberlain says the annual dividend jumped 33%, to 80 cents. She notes most important from the market's perspective was what IndyMac didn't report: It didn't show any operational or mortgage-related derivatives losses.

Chamberlain says credit quality is far from pristine, provisioning again exceeded charge-offs that were primarily due to an $11 million increase in construction loans. She raised the $2.70 2003 earnings per share estimate to $3.00, and upped the $2.45 2004 estimate to $3.05. She set a $33 target.

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