UPDATE: Jefferies Downgrades Syngenta AG to Hold on Valuation and Lack of Near-Term Catalysts

Jefferies said on a Monday note that it reduced its rating on Syngenta AG (NYSE: SYT) from Buy to Hold and reduced its price target from $77 to $73. Jefferies noted, "Since October 2011, Syngenta has generated a 38% return, outperforming the S&P Europe 350 by 26%, the S&P 500 by 18%, and an index of its peers by 19%. Given crop protection demand risks due to weather, a lack of near-term concrete positive catalysts and relative valuation, we believe the shares are due for a pause heading into this fall. We are downgrading Syngenta from Buy to Hold and maintain our CHF 355 price target."Syngenta AG closed at $67.47 on Friday.