UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Tennant Company on Valuation

In a report published Wednesday, Jefferies reiterated its Hold rating on Tennant Company

, and raised its price target from $42.00 to $50.00. Jefferies noted, “Further to our Initial Take note, conference call comments supported the guide of nominal sales growth in 2013. Margin development and share repos look better. So while we are lowering estimates, these latter factors are mitigating. We consider TNC fairly valued. Our new PT discounts 14E rather than 13E.” Tennant Company closed on Tuesday at $49.82.