UPDATE: Jefferies Maintains Hold, Raises PT to $54 on CNH Global

Jefferies reiterates its Hold rating on CNH Global (NYSEL CNH) and raises its price target to $54 from $41 as it remains bullish on Machinery. Jefferies says, "Machinery stocks were up 8% relative to the S&P 500 in 4Q and 5% so far in 2012. Even so much our coverage universe remains 15-20% below mid-cycle valuation levels. Industry/company specific data points continue to support our expectations for growth in key end markets. We continue to be bullish on the machinery space." CNH closed at $41.99 per share on Thursday.