UPDATE: Jefferies Lowers PT to $26 on CBOE Holdings

Jefferies remains Hold-rated on CBOE Holdings

and lowers its price target to $26 from $27 on lower volume trends for 4Q11. Jefferies says, "CBOE reported 4Q Non-GAAP EPS of $0.37, $0.02 better than our estimate and $0.03 better than consensus. Upside was predominantly driven by a lower tax rate. Following these results we are lowering our 1Q and full year 2012 EPS estimates on lower anticipated volumes. At approx. 15.5x our 2012 EPS, we view the shares of CBOE as fairly valued." CBOE closed at $26.47 a share yesterday.