UPDATE: Jefferies Raises PT on A.O. Smith from $54 to $59

Jefferies reiterated a Buy rating on A.O. Smith

and raised its price target from $54 to $59. Jefferies wrote, “2Q12 EPS were +49% YOY, exceeding expectations. 2Q was paced strong results in China, accretion from Lochinvar and a pre-buy. We lower our 2H12E due largely to the pre-buy pull-forward, but raise our 13E due to recent positive resi data. AOS remains one of our top picks.” A.O. Smith closed at $52.09 on Wednesday.