UPDATE: Jefferies Lowers Target to $75 on Rock-Tenn

Jefferies maintains Buy rating on Rock-Tenn

and lowers its price target by $4 to $75 upon rebasing estimates on short term headwind. Jefferies says, "While earnings will likely be uninspiring the next two quarters, with estimates being rebased sharply and export prices bottoming out, we believe the downside is limited. More importantly, with the LT structural and synergy story intact, and shares trading at 4.8x 2013E EV/EBITDA, we believe the risk reward remains compelling." RKT closed at $61.25 a share yesterday.