UPDATE: Jefferies Lowers PT on Procter & Gamble to $69

Jefferies is out with its report today on Procter & Gamble (NYSE: PG), lowering its PT to $69 from $71.

In its report, Jefferies writes, "We are lowering our PT and 2012E (Jun) EPS est. on near-term pressures, notably commodity inflation not fully offset by price increases. Mgt is targeting another 2H-weighted year, and while we think some new product launches (Tide Pods) could be impactful, the soft start to the year gives us pause."

Jefferies maintains Hold on PG.

At the time of posting, shares of PG were trading pre-market at $60.61, down 1.72% from Wednesday's close.