UPDATE: Jefferies Upgrades VCA Antech to Hold

Jefferies is out with its report today on VCA Antech (NASDAQ: WOOF), upgrading WOOF from Underperform to Hold.

In its report, Jefferies writes, "We are upgrading WOOF to Hold (from Underperform) on the belief that the stock's valuation adequately discounts near-term macroeconomic risk. We believe the stock could rise to the $19 level (6.7x FY12 EBITDA)as investors position in front of WOOF's Q3 earnings release."

Shares of WOOF closed Tuesday at $16.88, up 1.32% from Monday's close.