UPDATE: Jefferies Initiates Coverage on Jarden on Favorable Risk-Reward

In a report published Tuesday, Jefferies analyst Kevin Grundy initiated coverage on Jarden Corp. JAH with a Buy rating and $61.00 price target. In the report, Jefferies noted, “We are initiating coverage of Jarden with a Buy rating and establishing a $61 price target (23% upside). At 8.2x CY14e EV/EBITDA, organic topline growth accelerating in 2H13, and SG&A leverage likely to drive margin enhancement ahead of historical levels, we like JAH's risk-reward and expect double-digit (%) EPS growth over the next five years leaving JAH's 1.2x PEG ratio well below its HPC peer avg. of 2.1x.” Jarden Corp. closed on Monday at $49.05.