UPDATE: Jefferies Raises PT to $3 on Lionbridge Technologies

Jefferies reiterates its Hold rating on Lionbridge Technologies LIOX and raise its price up $0.25 to $3 as the company posts a decent quarter through margin improvement. Jefferies says, "4Q revs were below JEFe/Street/Guidance (with const-curr revs in line), but EPS beat JEFe, though was still below Street. EPS benefited from better than expected gross margins and FX, but tax benefit was negated by expense related to asset writedown. Increased investments in the business are starting to bear fruit but core business remains prone to lumpiness." LIOX closed at $7.79 a share on Tuesday.