UPDATE: Jefferies Raises PT to $57 on Lear Corporation on 2013 Outlook

Jefferies reiterated its Buy rating on Lear Corporation (NYSE: LEA) and raised the price target from $49.00 to $57.00.

Jefferies noted, "LEA reported another topline beat in 4Q, defying volume headwinds among suppliers from a deteriorating Europe. In contrast to the rest of the group, LEA sees a balanced earnings cadence in 2013 as opposed to a back-end loaded year. With the potential for significant cash returns to shareholders and trading at a mere 3.9x NTM EBITDA, LEA remains attractive."

Lear Corporation closed at $49.60 on Friday.

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