UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Gentex Corporation

In a report published Wednesday, Jefferies reiterated its Hold rating on Gentex Corporation (NASDAQ: GNTX), and slightly raised its price target from $17.00 to $18.00.

Jefferies noted, “GNTX closed up 3.7% (vs. the S&P 500 +0.5%) on a 4Q:12 beat on lower ER&D spending. The lower ER&D spending begs the question, what's the revenue growth going forward, while the rear-camera display (RCD) volume guide of down 25-35% YoY in 2013 suggests even the KTSA is unlikely to backstop demand. We struggle to defend the stock's high relative multiple.”

Gentex Corporation closed on Tuesday at $19.37.

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