UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on CNH Global on 1Q13 Preview

In a report published Wednesday, Jefferies analyst Stephen Volkmann reiterated a Hold rating on CNH Global CNH, but lowered the price target from $49.00 to $45.00. In the report, Volkmann noted, “We see some modest downside in 1Q machinery earnings, but recent stock weakness suggests this is largely expected. Destocking appears to have continued through the quarter. We are generally below consensus in the near term, but with stocks revisiting October lows we are looking for opportunities to buy non-commodity related machinery names.” CNH Global closed on Tuesday at $40.39.