UPDATE: Jefferies Downgrades Ball Corporation to Hold on Valuation

Jefferies downgraded Ball Corporation BLL from Buy to Hold and maintained a $49.00 price target. Jefferies commented, "Ball is one of the best managed and highest quality names under our coverage universe, but with the stock outperforming since August 17, 2010 (+61% vs S&P 500: +36%) and trading at (8.0x 2013E EV/EBITDA) a modest premium to its historical average, we believe the stock is fairly valued and downgrading it to a Hold. … Regardless, Ball is a great FCF / capital deployment story, and we would look for a pullback (low $40s) as a re-entry point. We would be more bullish on the stock if demand picked up in the N.A. beverage can market (Alcoa expects flat to down 1%) or the company finds some nice tuck-ins to reaccelerate EBITDA growth." Ball Corporation closed at $46.31 on Thursday.