UPDATE: Jefferies Downgrades Kraft Foods Group to Hold, Raises PT on Valuation

In a report published Monday, Jefferies analyst Thilo Wrede downgraded the rating on

from Buy to Hold, but raised the price target from $60.00 to $61.00. In the report, Jefferies noted, “We are downgrading KRFT to Hold, primarily on valuation and also concerns about increased competition. We still see the co. as a good operator with a strong strategy but we view this strength as adequately reflected by the multiple. In addition, the competitive pressure might increase (2Q13 likely saw some impact). KRFT might be able to offset it with more marketing support and better products but the upside still seems limited.” Kraft Foods Group closed on Friday at $57.50.