UPDATE: Jefferies Downgrades PPL; Lowers PT

According to a research report published this morning, Jefferies has downgraded PPL

from Buy to Hold, and lowered PT from $31.50 to $27.50. In the report, Jefferies said, "Following a recent update of our forecast model for natural gas and power prices we are assuming a lower contribution from the company's Supply (unregulated) business. The reduced contribution from PPL Supply makes the stock look more in-line with its peers and currently trades at a group average multiple." PPL closed Friday at $27.31.