UPDATE: Jefferies & Company Downgrades Donaldson Company to Hold, Lowers PT

In a report published Wednesday, Jefferies & Company downgraded its rating on Donaldson Company

from Buy to Hold, and lowered its price target from $43.00 to $33.00. Jefferies noted, “In isolation, Donaldson's Q1 miss could be viewed as simple lumpiness (our prior $1.85 estimate was within the company's new $1.68-$1.88 range, vs. $1.89 consensus). Given a broader range of companies warning on demand trends into early 2013, however, Donaldson's relative valuation could be at risk. We are lowering 2013E and 2014E EPS by $0.05 each, our target $10 to $33 (10.5x calendar 2014E EBITDA) and our rating to HOLD.” Donaldson Company closed on Tuesday at $32.67.