UPDATE: Jefferies Downgrades McGraw-Hill to Hold on Uncertainty Ahead

In a report published Thursday, Jefferies analyst David Reynolds downgraded the rating on McGraw-Hill Companies

from Buy to Hold, but reiterated the $51.00 price target. In the report, Reynolds noted, “The MHP business model has delivered financially and seems set to do so again in 2013. And the stock has pushed through our US$51 price target, some 16x 13E adjusted EPS of US$3.20. This, together with the profound uncertainty crystallised by the DoJ action, causes us to move to a Hold. Price target and estimates remain unchanged.” McGraw-Hill Companies closed on Wednesday at $51.81.