UPDATE: Jefferies Lowering Price Target On Materion Corp.

Jefferies & Co. is out with a research report on Materion Corp.

and it is lowering its price target to $44 from $45, but keeping its Buy rating on shares. In a note to clients, Jefferies & Co. writes, "With valuations depressed relative to favorable long term earnings prospects, we see risk/reward as attractive and assume coverage of MTRN with a BUY rating. Numerous favorable secular end market growth trends, continued benefit from improving mix and cost cutting efforts, and prospects for further price improvement support our positive long term outlook." Shares of MTRN closed at $28.03 yesterday.