UPDATE: Jefferies Cuts Target to $29 on FreightCar America

Jefferies lowers its price target $2 to $29 on Underperform-rated FreightCar America (NASDAQ: RAIL) following Q1's preview.

Jefferies notes, "Mild weather vs. mild freight volumes are likely to be counterbalancing forces across 1Q transport reports. As such, we see seven beats, two inline reports, and eight misses. A potential 2Q recovery in Asia airfreight volumes remains our favorite investment theme. Near term, we see the biggest EPS beats at KNX and UPS, and the biggest misses at RAIL, HTLD, and CSX."

RAIL closed at $22.49 a share on Friday.

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