UPDATE: Jefferies Downgrades Medidata Solutions to Hold

Jefferies downgrades Medidata Solutions (NASDAQ: MDSO) to Hold from Buy and lowers its price target to $21.50 from $23 as hurdles appear much higher than anticipated for the company.

Jefferies notes, "Our analysis shows comparable revenue growth meaningfully slowing. The pull-forwards in '11 have two effects: 1) enhancing margin and EPS in '11, and 2) stealing growth from '12. We are increasingly concerned consensus estimate of $1.29 for 2012 is at risk. MDSO had nearly reached our prior PT and this added risk obviates remaining upside."

MDSO closed at $21.83 a share on Friday.