UPDATE: Jefferies Downgrades GlaxoSmithKline to Hold on Margin Expansion Visibility

Jefferies cut its rating on GlaxoSmithKline

from Buy to Hold on reduced visibility to the company's margin expansion. Jefferies commented, "Whilst we still see double digit CORE EPS growth for GlaxoSmithKline from 2013E-17E, visibility on margin expansion has been obscured by over-exposure to price pressure and transfer pricing in Europe. The shares have recovered well from their lows since the Q2'12 results and we take this opportunity to cut our rating to Hold from Buy given the limited upside." GlaxoSmithKline closed at $46.84 on Friday.