UPDATE: Jefferies Raises PT on Barnes Group on Solid 4Q12 EPS

In a report published Monday, Jefferies reiterated its Hold rating on Barnes Group

, and raised its price target from $27.00 to $32.00. Jefferies noted, “4Q12 EPS were solid, if in line operationally. But it's not about EPS today, it's about the sale of Barnes Distribution NA, the weakest op at a great price. The proceeds will enable de-leveraging, share repurchasing and M&A. B also announced CEO Greg Milzcik will retire, COO Patrick Dempsey will take over.” Barnes Group closed on Friday at $28.10.