** Shares of Jefferies Financial JEF.N down 1.63% to $60.87 premarket after UBS downgrades rating to "neutral" from "buy"

** With JEF shares rallying in recent months, brokerage says the valuation appropriately reflects elevated advisory and equity capital markets expectations

** Adds that valuation is nearing fair value given weak investor communication and limited visibility on faster sponsor activity and sustained execution without hiccups

** Brokerage, however, raised PT to $67 from $59, implying an 8.3% upside to the stock's last close

** Three analysts rate stock "strong buy" or "buy" and three "hold"; median PT is $66 - data compiled by LSEG

** As of last close, stock down 0.14% YTD