UPDATE: Jefferies Downgrades Edgen Group on Lagging NA Oil & Gas Capex Recovery

In a report published on Thursday, Jefferies analyst R. Scott Graham downgraded Eden Group EDG from Buy to Hold and lowered the price target on the company from $10 to $9.

In the report, Jefferies stated, "We are lowering our estimates due to concerns over slow-to-recover NA Oil & Gas capital spending and weak steel pricing. We no longer expect an earnings inflection in 2H13."

Eden Group closed on Wednesday at $7.85.