UPDATE: Jefferies Cuts PT to $44 on Cabot Corporation on Tempered Q2 Momentum

Jefferies maintained Cabot Corporation (

with a Buy rating and lowered the 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 at $37.29 on Friday.