UPDATE: Jefferies Color On LII Initiation

Jefferies, who initiated coverage of Lennox LII at Hold with a $55 PT, said that it believes shares will be quite sensitive to trends in housing data, consumer confidence and global industrial activity. “We anticipate volatility in commodity costs, regulatory changes, international exposure and the release of pent-up demand will be major factors impacting the company's 2011-12 results,” Jefferies writes. Lennox closed Monday at $51.93.