UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Tennant Company on 1Q Miss, Reduced Estimates

In a report published Tuesday, Jefferies analyst R. Scott Graham reiterated a Hold rating on Tennant Company

, but slightly lowered the price target from $50.00 to $49.00. In the report, Graham noted, “Further to our Initial Take note we are lowering our EPS forecasts as we are concerned over the environment TNC is facing and pace of new product sales. We still expect a solid earnings year from TNC but stay HOLD on valuation.” Tennant Company closed on Monday at $46.63.