Jefferies Reiterates Hold On Nalco Holding (NLC)

Jefferies is out with its report today on Nalco Holding

, reiterating Hold. In a note to clients, Jefferies writes, "With the pressure on reported EPS from D&A less severe than initially expected, and Japan risk likely manageable, we expect Nalco shares to trade mostly off raw material pressures (likely still rising in Q2), M&A prospects and the balance between sales growth and incremental margins. We reiterate our Hold rating." Jefferies has a $30 PT on NLC. Shares of NLC closed Tuesday at $26.24.