UPDATE: Jefferies Downgrades Texas Industries to Hold Following FQ2 Results

Jefferies downgraded on Texas Industries

from Buy to Hold and raised the price target from $52.00 to $57.00. Jefferies commented, "TXI's Q2-2013 results were better than we expected, as volumes exceeded our forecasts. We are therefore reducing our estimate of the loss at the EPS level in FY2013 from $0.62 to $0.20. For 2014, we now expect an EPS of $0.38. Previously we forecast a loss of $0.09. We are also increasing our target price from $52 to $57, but as the latter is close to the current share price, we are reducing our rating on the shares from Buy to Hold." Texas Industries closed at $55.97 on Wednesday.