UPDATE: Jefferies Raises Target on Quality Distribution to $14

Jefferies says it is raising its price target on Quality Distribution

to $14 from $11 on margin improvement ad growth outlook, while reiterating its Hold rating due to valuation, sentiment and liquidity. Jefferies says, "We remain neutral on QLTY for sentiment, liquidity and valuation issues. Sentiment remains very bullish, with 8 Buys, 3 Holds, and 1 Sell (per Bloomberg), while the shares trade less than $2 million in value a day. We continue to find it hard to recommend the stock to institutional money right now. Turnarounds are rarely linear and our sense is that we'll get a more attractive entry point at some point." QLTY closed at $13.01 a share on Wednesday.