UPDATE: Jefferies Reiterates Hold Rating, Raises PT on The Timken Company

In a report published Friday, Jefferies reiterated its Hold rating on The Timken Company

, and raised its price target from $45.00 to $50.00. Jefferies noted, “TKR reported 4Q EPS of $0.81 ex. items, vs. our $0.58E and consensus of $0.62 -- although LIFO income (~$0.15) and a lower than expected tax rate (~$0.11) accounted for the entire beat. Sales were nearly 7% above expectations driven by better than expected Steel volumes, but ex-LIFO margins were below our model, also driven by steel. 2013 guidance of $3.75-$4.05 on a 5% decline in sales compares to consensus of $4.30 on flat y/y sales.” The Timken Company closed on Thursday at $52.35.