UPDATE: Jefferies Reduces PT to $13 on Edgen Group on Lower Guidance

Jefferies reiterated its Buy rating on Edgen Group

but reduced its price target from $15 to $13. Jefferies noted, "EDG has lowered its 2012 adjusted EBITDA guidance to $146M to $156M (+16% to 24% YoY) from $154M to $162M. It cited weaker market conditions in its E&I segment in Europe and the Middle East for the reduced outlook. These are higher margin businesses. EDG maintained 2012 revenue guidance of $1.9B to $2.1B. … Our $13 YE13 target is derived by applying a 6.5x multiple to our revised-down 2013 EBITDA forecast of $168M." Edgen Group closed at $7.75 on Friday.