UPDATE: Jefferies Downgrades Cabot to Hold - Cabot (NYSE:CBT)

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Jefferies is out with its report today on Cabot (NYSE: CBT), downgrading CBT from Buy to Hold.In its report, Jefferies writes, "With near-term demand choppy and Supermetals exiting the portfolio, we arelowering FY11E EPS $0.25 to $3.20 and FY12E $0.80 to $2.45. Cabot is one of the most intriguing structural transformation stories in chemicals, but near-termuncertainties likely trump the growth levers. With a better entry point likely in the next 3-6 months, we are lowering our price target $9 to $35 and our rating to Hold."At the time of posting, shares of CBT were trading at $31.95, down 4.05% from Friday's close.

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