UPDATE: Jefferies Lowers PT on Orbitz Worldwide to $4.80 (OWW)

Jefferies is out with its report today on Orbitz Worldwide OWW, lowering its price target from $6.50 to %4.80. In a note to clients, Jefferies writes, "We're maintaining our Hold rating on Orbitz to reflect: a) near-term hit to revenues from the disputes with AA and Kayak, b) increased competition in Asia, and c) risks from Google's pending acquisition of ITA and the company's reliance on Air for 36% of revenues. Our $4.80 PT for CY11 is based on a five-year DCF and implies 6.2x and 20.4x our CY11 EBITDA and EPS estimates. At the time of posting, shares of OWW were trading at $3.73, down 6.75% from Wednesday's close.