From Earlier: Jefferies Downgrades Ambow Education, Lowers PT

Jefferies downgraded Ambow Education AMBO from Buy to Hold and lowered its price target from $10 to $5.30 in a research report published today. In the report, Jefferies stated, "Ambow decided to open 60-80 centers instead of the previously guided 40 centers in 2012 to invest for future revenue growth. This in our view will negatively impact margins due to front loaded costs and before center utilizations ramp up." Shares of Ambow Education closed today at $3.73, down 19.61% from Tuesday's market close.