UPDATE: Jefferies Reduces PT to $36 on Tennant Company; Q1 Miss

Jefferies cuts its price target from $38 to $36 on Hold-rated Tennant Company TNC following miss for Q1. Jefferies notes, "1Q12 EPS were -8% YOY and below expectations. 2012 guidance was reiterated. But sales growth has slowed and the resultant S&A rate was quite high. We are lowering our forecasts and PT, and consider TNC fully valued." TNC closed at $42.04 on Monday.