UPDATE: Jefferies Downgrades HMS Holdings from Buy to Hold; Raises PT to $32

Jefferies downgrades HMS Holdings HMSY from a Buy to a Hold rating and raises its price target from $29 to $32. Jefferies notes,” The SCOTUS decision to uphold ACA solidifies an accelerating growth outlook in '14-'15, but growth-related uncertainties remain. Medicaid RAC implementations and vendor selection processes should resume, but seem likely to be choppy. The upcoming election, Medicaid spending growth, and state participation in expansion are wild-cards. The 40% move since our upgrade captured the opportunity, in our opinion.” HMS Holdings closed at $34.27 on Tuesday.