UPDATE: Jefferies Lowers Price Target on Winn-Dixie Stores to $9.50

According to Jefferies, Winn-Dixie Stores (NASDAQ:

) price target is lowered to $9.50. Jefferies said that, while the equity is clearly depressed, WINN's relatively clean balance sheet, focused management team and the early success of the remodel program could help improve long-term performance. “Our price target of $9.50 (from $10.50) represents just under 3x our FY13 EBITDA estimate, in line with our DCF. Risks: downside risks stem largely from further competitive, inflationary and macro pressures.” Winn-Dixie Stores closed yesterday at $6.27.