UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Regal Beloit Corporation

In a report published Wednesday, Jefferies reiterated its Hold rating on Regal Beloit Corporation RBC, and raised its price target from $74.00 to $84.00. Jefferies noted, “4Q12 earnings were -18% but met expectations. But the decline in sales was less than expected. A dilutive equity offering now looks like it will be partially offset by better sales trends and a lower tax rate. But the 5% increase in the stock on Tuesday excessively discounts our 2013E and leaves little upside on our 2014E.” Regal Beloit Corporation closed on Tuesday at $77.19.