UPDATE: Jefferies Downgrades First Cash Financial Services to Hold on Limited Upside

Jefferies downgraded First Cash Financial Services

from Buy to Hold and maintained a $56.00 price target. Jefferies noted, "Since our 1/5/12 upgrade, FCFS has rallied from 13x fwd earnings to trade at ~16.4x cons. FY'13 ests. of $3.24. We are downgrading the shares at $53 as we see limited upside to our $56PT. In order to remain Buy rated we would have to assign a near peak valuation multiple of 19x, something we are uncomfortable with in the current environment." First Cash Financial Services closed at $53.41 on Tuesday.