UPDATE: Jefferies Cuts PT to $20 on The Greenbrier Companies

Jefferies lowers its price target from $22 to $20 on Hold-rated The Greenbrier Companies GBX following share trade-off. Jefferies says, "GBX shares traded off 6.4% in a weak tape following a headline F2Q (February) beat. Tax rate and other below-the-line items represented all of the EPS upside. We believe investors were most focused on the lower-than-expected Manufacturing gross margins, second sequential downtick in the backlog, and a potential pause in energy-related railcar demand. Recent market volatility makes it difficult to want to step into the shares." GBX closed at $18.44 on Monday.