UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Demand Media on In-Line 4Q12

In a report published Wednesday, Jefferies reiterated its Hold rating on Demand Media

, but slightly lowered its price target from $11.00 to $10.00. Jefferies noted, “Maintaining our Hold rating while lowering our PT to $10. While the DMD story is getting more interesting with a spin-off and newer video initiatives, it's also less visible and we would recommend waiting to see the gTLD + Content strategy gain traction first before getting constructive on the name.” Demand Media closed on Tuesday at $9.15.