UPDATE: Jefferies Lowers PT to $14 on Commercial Metals on Demand Forecast and Reduced Prices

Jefferies reiterates its Hold rating on Commercial Metals

and reduces its price target from $16 to $14. Jefferies says, "Following sharp downward moves in steel/scrap prices and given ongoing risks to global growth related to the European debt crisis and potentially material downside implications for steel markets, we've lowered our steel price/demand forecasts and have reduced steel earnings estimates and target prices. Though steel equity valuations have already declined substantially, we expect trends to remain weak and maintain our preference for more defensive models within the group." CMC closed at $12.05 on Friday.