UPDATE: Jefferies Raises PT to $32 on United Stationers

Jefferies reiterates its Hold rating on United Stationers

and raises its price target by $4 to $32 on long term outlook. Jefferies says, "Q4 has always been tougher to forecast due to inventory buy-ins, vendor rebates and bonus accruals. We stayed conservative, since USTR lapped tough gross margin compares. It also faces a tougher sales comparison in Q1 and leakage of customer sales to manufacturers in furniture, and technology remains a headwind. On the plus side, the long-term strategy is intact, a cost-cutting program may be unveiled and labor has improved." USTR closed at $34.55 a share yesterday.