UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Precision Castparts Corp.

In a report published Monday, Jefferies & Company reiterated its Hold rating on Precision Castparts Corp. PCP, and raised its price target from $160.00 to $170.00. Jefferies noted, “After market close of Nov 9, PCP announced it had entered into an agreement to acquire Titanium Metals Corporation (TIE) for approximately $2.9BB. The deal appears to add $0.25 to $0.40 to PCP's FY2014 (March) earnings. Before the benefits of the deal, we project PCP's FY13 and FY14 EPS of $9.85 and $11.40.” Precision Castparts Corp. closed on Friday at $171.33.