UPDATE: Jefferies Downgrades P.F. Chang's China Bistro; Raises PT

According to a research report published this morning, Jefferies has downgraded P.F. Chang's China Bistro

from Buy to Hold, and raised PT from $41 to $51.50. In the report, Jefferies said, "We are downgrading PFCB to Hold from Buy following the announcement of Centerbridge Partners' proposed acquisition. Based on precedent transactions, we think the valuation of $51.50 per share ($1.1B EV) is fair, and do not expect any other bidders into the deal. We are maintaining our estimate for '12 EPS of $1.52, and raising our price target to $51.50 (fr. $41)." P.F. Chang's closed yesterday at $51.48.