UPDATE: Jefferies Lowers PT on Orthofix to $35 (OFIX)

Jefferies is out with its report today on Orthofix (NASDAQ: OFIX), lowering its price target from $36 to $35.

In a note to clients, Jefferies writes, "With profitability steadily improving, we view the bias to estimates as squarely to the upside at Orthofix. We use 11x 2012 earnings for our $35 one-year target. We rate OFIX shares Buy."

At the time of posting, shares of OFIX were trading at $29.50, up 0.92% from Tuesday's close.