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

In a report published Wednesday, Jefferies reiterated its Hold rating on Gentex Corporation 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.