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

In a report published Friday, Jefferies reiterated its Hold rating on Precision Castparts Corp.

, and raised its price target from $170.00 to $190.00. Jefferies noted, “PCP reported FQ3:13 EPS of $2.32 vs. our estimate of $2.46. The results include about $0.08 per share from higher corporate costs, largely related to the acquisition of Timet. The company also closed on Synchronous during the quarter. To put perspective behind its actions, PCP used the quarterly call to articulate a long term EPS target of $15.50 to $16.50 per share for the fiscal year ending March 2016.” Precision Castparts Corp. closed on Thursday at $191.22.