UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Cabot Corp. on Trimmed Estimates

In a report published Friday, Jefferies reiterated its Buy rating on Cabot Corp. CBT, but lowered its price target from $47.00 to $44.00. Jefferies noted, “With Cabot confirming a slow start to Q2 (widely expected, in our view), we believe the shares will likely be range-bound until we have a clearer view of the demand recovery. We are trimming 2013E and 2014E each by $0.20, and lowering our 12-month PT $3 to $44, but with Cabot operating in trough-like conditions and high incremental margins on a recovery, we reiterate our Buy rating.” Cabot Corp. closed on Thursday at $37.29.