UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Penford Corporation

In a report published Monday, Jefferies & Company reiterated its Hold rating on Penford Corporation PENX, but slightly lowered its price target from $9.00 to $8.00. Jefferies noted, “With ethanol margins likely to remain choppy well into next year, and a risk that softer economic demand delays price initiatives and new product market penetration, we expect Penford shares to remain range-bound in 1H13. We are lowering our price target $1 to $8.” Penford Corporation closed on Friday at $7.00.