UPDATE: Jefferies Lowers PT on Ball to $46

Jefferies is out with its report today on Ball BLL, lowering its PT from $48 to $46. In its report, Jefferies writes, "BLL is trading at 7.0x 2012E EV/EBITDA, a discount to its historical multiple (7.6x). We are lowering our PT to $46, based on 8.0x 2012E EV/EBITDA." Jefferies maintains Buy on BLL. Shares of BLL closed Thursday at $38.58, down 1.78% from Wednesday's close.