UPDATE: Jefferies Lowers PT on Materion Corporation from $40 to $34

Jefferies reiterated a buy rating on Materion Corporation

and lowered its price target from $40 to $34. Jefferies commented, “2Q EPS of $0.38 exceeded ours/Street estimates of $0.36/$0.35. However, MTRN reduced its 2013 EPS guidance to $1.50-1.60 (vs. $1.95-2.00 prior) given the moderating demand, which judging by today's positive share price performance was already priced in. At depressed multiples on cyclically low earnings, we see minimal downside risk and an upward earnings trajectory from here and maintain our BUY rating.” Materion Corporation closed at $20.13 on Friday.