UPDATE: Jefferies Lowers PT on Ashland on Weaker End-Market Demand Prospects

In a report published Wednesday, Jefferies analyst Laurence Alexander reiterated a Buy rating on Ashland

, but lowered the price target from $97.00 to $92.00. In the report, Alexander noted, “Weaker end-market demand prospects threaten both Ashland's incremental growth prospects and the likely timing of any asset divestitures, while less visibility could cap multiple expansion near-term. We are lowering 2013E $0.25 to $6.40 and 2014E $0.75 to $8.00. We are also lowering our price target $5 to $92, or 11.5x 2014E EPS and 6% FCF yield. We reiterate our Buy rating.” Ashland closed on Tuesday at $74.92.