UPDATE: Jefferies Lowers PT On Quiksilver To $4.50

Jefferies & Company has published a research report on Quiksilver ZQK in anticipation of the company's 3Q earnings, expected to be reported on September 1, 2011. In the report, Jefferies writes, "While positive on the long-term prospects, we approach ZQK's 3Q11 earnings on 9/1 with a degree of angst given the inherently high risk profile (2x beta, debt leverage) combined with uncertainty around Europe where 70% of its EBIT is generated. We still see a positive bias to EPS, hence our Buy rating, but are lowering numbers slightly to reflect a more conservative sales environment." Jefferies maintains its Buy rating but has lowered the price target on Quiksilver from $5.50 to $4.50. Quiksilver closed Friday at $3.79.