UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on MSC Industrial Direct Co.

In a report published Friday, Jefferies & Company reiterated its Hold rating on MSC Industrial Direct Co.

, but lowered its price target from $81.00 to $79.00. Jefferies noted, “Further to our ‘Initial Take' note we are lowering our EPS forecasts due to a reduced sales growth outlook from currently sluggish industrial conditions. We consider MSM fairly valued despite its correction on 1/10/13.” MSC Industrial Direct Co. closed on Thursday at $73.65.