UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on DuPont Fabros Technology

In a report published Monday, Jefferies & Company reiterated its Hold rating on DuPont Fabros Technology

, but lowered its price target from $27.00 to $23.00. Jefferies noted, “DFT stock dropped almost 10% the day after 3Q12 earnings release on concerns of rental rate pressure and slow leasing velocity. With overall sluggish leasing during the quarter in addition to a significant rent decline on the extended leases (6% GAAP, 18% cash), investors (us included) are increasingly concerned about DFT's leasing fundamentals.” DuPont Fabros Technology closed on Friday at $21.62.