UPDATE: Jefferies Downgrades SS&C Technologies to Hold

Jefferies reduced its rating on SS&C Technologies

from Buy to Hold and reiterated its price target of $25. Jefferies said, "We downgrade SSNC to HOLD and maintain our $25PT. We believe that the stock is discounting the outlined synergies from the GlobeOp/ Portia transactions as well as a re-acceleration in organic growth as the company refocuses on sales execution. We like SSNC's position in the financial technology landscape, but view the shares as fairly valued." SS&C Technologies closed at $25.29 on Thursday.