Shares of Jefferies have plunged about 26% since First Brands filed for bankruptcy on Sept. 29.
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The stricken U.S. auto parts maker's dramatic collapse has hit Jefferies, Millennium and UBS fund unit O'Connor
Despite the downgrade, Morgan Stanley still sees shares of Jefferies rising 28% from here.
CNBC's David Faber discusses the latest news surrounding Jefferies Financial.
The bank foresees upside of 29% ahead for the stock.
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