UPDATE: Jefferies Color on Greenbrier Companies Downgrade

Jefferies, which downgraded shares of Greenbrier Companies GBX, is providing some color on the stock. “We assume coverage of GBX with a Hold rating,” Jefferies writes. “We believe railcars are in a multi-year upcycle, although consensus appears 14%-15% too high based on the upcoming convert dilution, as well as high expectations for a rapid production ramp and significant near-term margin expansion.” Greenbrier Companies closed Tuesday at $20.35.