UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on CNH Global

In a report published Friday, Jefferies & Company reiterated its Hold rating on CNH Global (NYSE: CNH ), but lowered its price target from $49.00 to $40.50. Jefferies noted, “We see more downside than upside risk in 4Q machinery earnings, and we continue to recommend a defensive short-term stance. Extended