UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Lear Corporation

In a report published Monday, Jefferies & Company reiterated its Buy rating on Lear Corporation LEA, but slightly lowered its price target from $50.00 to $49.00. Jefferies noted, “LEA reported a rare 3Q topline beat among suppliers in a quarter marked by volume and currency headwinds in a deteriorating Europe. Seating margins missed materially on higher than expected launch costs but were offset by significantly higher Electrical margins. LEA guided to the high end of its previous range for 2012 revenue and increased EPS guidance (on lower taxes), an encouraging result for investors.” Lear Corporation closed on Friday at $41.74.