UPDATE: Jefferies Lowering Price Target on Materion

Jefferies & Co. is out with a research report on Materion Corp. MTRN and is lowering its price target to $40 from $44, but is keeping its Buy rating on shares. In a note to investors, Jefferies & Co. writes, "Following MTRN's 3Q11 results we maintain our BUY rating on the shares. We have reduced our price target to $40 ( from $44) factoring in a slower economic growth outlook for 2012 and our subsequent adjustments to end market revenue growth and earnings estimates." Shares of MTRN are up 32 cents to $28.88, a gain of 1.12%.