UPDATE: Jefferies Lowering Price Target on Globe Specialty Metals

Jefferies & Co. is out with a research report on Globe Specialty Metals

and it is lowering its price target to $22.50 from $25, and it has a Buy rating on shares. In a note to clients, Jefferies & Co. writes, "Following F1Q12 results, we have trimmed estimates and our target price to refelct a more conservative outlook for silicon metal contract prices for CY2012. Despite reduced near term expectations, we expect spot Si prices to begin to recover in F1H12 and continue to forecast healthy (+54%) earnings growth in F2012." Shares of GSM are down $1.38 in pre-market trading to $15.39, a loss of 8.23%.