UPDATE: Jefferies Color On TFX Q4

Jefferies, which downgraded shares of Teleflex (NYSE: TFX), is providing some color on the stock.

“With pure-play status on the horizon, we believe TFX shares should garner an in-line multiple with peers given its above average FCF yield and numerous initiatives to drive incremental revenue and margin expansion,” Jefferies writes. “However, recent underperformance in the Medical segment prevents us from assigning a premium multiple.”

Teleflex closed Thursday at $59.95.