UPDATE: Jefferies Upgrades HMS Holdings; Lowers PT

According to a research report published this morning, Jefferies has upgraded HMS Holdings

from Hold to Buy, and lowered PT from $30 to $29. In the report, Jefferies said, "Increasing pressure on state budgets, coupled with rapidly inflating Medicaid costs create a durable, long-term demand for HMS's expertise, regardless of the SCOTUS decision outcome. Anxiety over the 1Q earnings miss and June decision has taken >25% out of the stock, now giving investors their first Buy opportunity at a sub-1x PEG in over a year." HMS Holdings closed Friday at $24.31.