UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Reynolds American

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Reynolds American

, but lowered its price target from $46.00 to $44.00. Jefferies noted, “RAI reported adj. 3Q12 EPS of $0.79, in line with consensus, and again called out the aggressive competitive environment in the cigarette industry. We do not expect a change to these challenging market conditions any time soon and, in fact, RAI appears intent to become more promotional itself. That raises our level of concern that the overall industry cigarette price growth will remain subdued for the foreseeable future.” Reynolds American closed on Tuesday at $41.92.