UPDATE: Jefferies Downgrades Olympic Steel to Hold

Jefferies & Company published a report that downgraded Olympic Steel

from Buy to Hold and lowered its price target from $22 to $21. In the report, Jefferies wrote, "We're downgrading ZEUS to HOLD following the recent improvement in valuation and in light of continued margin pressure in U.S. flat rolled distribution. At this time, we see greater downside risk than upside to 2013 estimates. The shares are near our target price and we have little basis to argue sufficient further upside to maintain our BUY near term." Olympic Steel closed at $20.02 on Monday.