UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on United Stationers

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on United Stationers

, and raised its price target from $29.00 to $31.00. Jefferies noted, “We like the announced strategic and accretive acquisition of O.K.I. Supply, which focuses on the higher growth and higher profit industrial business. 3Q EPS of $0.91 beat the Street, but sales came in light at -1.6% (flat on same day basis) as growth categories moderated and core office related segments remained soft. Although sales trends are a concern, we believe this is already reflected in the valuation here.” United Stationers closed on Tuesday at $29.35.