UPDATE: Jefferies & Company Downgrades Donaldson Company to Hold, Lowers PT
In a report published Wednesday, Jefferies & Company downgraded its rating on Donaldson Company (NYSE: DCI) from Buy to Hold, and lowered its price target from $43.00 to $33.00.
Jefferies noted, “In isolation, Donaldson's Q1 miss could be viewed as simple lumpiness (our prior $1.85 estimate was within the company's new $1.68-$1.88 range, vs. $1.89 consensus). Given a broader range of companies warning on demand trends into early 2013, however, Donaldson's relative valuation could be at risk. We are lowering 2013E and 2014E EPS by $0.05 each, our target $10 to $33 (10.5x calendar 2014E EBITDA) and our rating to HOLD.”
Donaldson Company closed on Tuesday at $32.67.
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Tags: Jefferies & Company