UPDATE: Jefferies Color On VLCM Downgrade, PT Decrease

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Jefferies, which downgraded shares of Volcom Inc. (NASDAQ: VLCM) while lowering its PT, is providing some color on the stock.“PPR's pending acquisition of VLCM (for $24.50/share) has taken shares from below $20 to over $24,” Jefferies writes. “While our Buy thesis (since Sept 2010) was predicated on fundamental improvement in VLCM's business, the high likelihood of an acquisition was a factor in our upside scenario and materialized earlier this week.”Volcom currently trades at $24.40.

20-Year Pro Trader Reveals His "MoneyLine"

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