UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Regal Beloit Corporation

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Regal Beloit Corporation

, but lowered its price target from $77.00 to $74.00. Jefferies noted, “RBC's Annual Investor & Analyst Day in NYC showed sales pressures persist and we expect the same through 1H13. End-market improvements and internal programs should then accelerate earnings. But in lowering our estimates, the acceleration is now off a lower earnings base.” Regal Beloit Corporation closed on Tuesday at $68.55.