). In the report, Jefferies states, “TRS is out of the gates strongly in 2011. When we generally apply the implications of the upside surprise and management's comment that growth will moderate, 2011 EPS could be in the $1.60 territory (our estimate is currently $1.45). We estimate, at current levels, the stock would be valued at a 25% discount to peers. As we believe TRS's business portfolio warrants a 20% discount, this upside surprise does not warrant a change to our HOLD rating. The dynamics of the quarter will become clearer on 4/28, when TRS releases its earnings. Our view on the stock may change at that time. Also, the sale of the shares by Heartland does not impact TRS's fundamentals.” Jefferies maintains a Hold rating and a price target of $22 on the stock. TRS closed yesterday at $21.41.