UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Roundy's

In a report published Friday, Jefferies & Company reiterated its Hold rating on Roundy's

, but lowered its price target from $8.00 to $5.00. Jefferies noted, “While Roundy's 3Q was a tough one, September and October seem to show improvement both from a sales and profitability perspective. This is due in part to management's efforts with execution and pricing. We would note, however, that the competitive environment remains difficult, new competitive openings remain robust and the consumer remains quite challenged. So, while hopeful, we remain firmly on the side-lines.” Roundy's closed on Thursday at $5.33.