UPDATE: Jefferies Upgrades Worthington Industries to Buy

Jefferies raises its rating on Worthington Industries

to Buy with a price target of $20.50 as risk/reward appears favorable. Jefferies says, "Following its recent underperformance against its peers, we are upgrading WOR to BUY (from HOLD). While not assured its share price represents the absolute bottom near term in the current falling steel price environment, we believe enough downside has been factored in to make risk-reward attractive and are comfortable that risk is to the upside for our/consensus estimates for CY2012-2013 and our $20.50 target price." WOR closed at $16.85 a share on Monday.