UPDATE: Jefferies Upgrades Canon to Buy on Deep Value and Cash Flow

Jefferies raised its rating on Canon

from Hold to Buy. Jefferies commented, "We believe sluggish sales of single-lens reflex cameras (SLRs) are already priced in on the share price underperformance over the past year (compared with its peers). Sales of SLRs have been becoming weaker recently, which is already well known. We expect sales of SLRs to start recovering in mid 2013. We expect OP to increase by 25% in FY12/13, even assuming declines in shipment units of copiers and laser beam printers (LBPs)." Canon closed at $39.25 on Friday.