UPDATE: Jefferies Raises PT on Olympic Steel to $32

Jefferies is out with its report on Olympic Steel ZEUS, raising its PT from $25 to $32. In a note to clients, Jefferies writes, "Our price target of $32 is based on a PE of 12x our 2012 estimate of $2.65 per share. This compares to the historical average range of 6.5x to 15.0x. Risks include an economic slowdown, rapid moves in the steel price, and any weakness in the key end markets." Jefferies maintains Hold on ZEUS. Shares of ZEUS closed Wednesday at $29.91, up 3.00% from Tuesday's close.