Jefferies rises as Oppenheimer calls it attractively valued, raises Q3 profit estimate

** Shares of investment bank Jefferies Financial Group JEF.N rise 2.4% to $48.50 in premarket trading

** Oppenheimer calls JEF "best positioned and most attractively valued investment bank"; cites exposure to expected M&A revival

** Raises Q3 EPS estimate to $1.06 from $0.67 on stronger equity underwriting, completed M&As

** Lifts investment banking revenue estimate to $1.27 bln from $1.06 bln, largely reflecting higher equity and M&A revenue

** Brokerage maintains "outperform" rating but cuts PT to $76 from $83 due to lower peer multiples

** Two of five analysts rate stock "strong buy" or "buy" and three "hold"; their median PT is $61 - data compiled by LSEG

** As of last close, stock down 23.6% YTD