UPDATE: Jefferies Raises PT to $47 on IPC The Hospitalist Post Latest Acquisition

Jefferies reiterated its Hold rating on IPC The Hospitalist

but raised its price target from $46 to $47. Jefferies noted, "IPC's entry into New York state with its acquisition of a post-acute hospitalist provider highlights the company's commitment to driving growth through a combination of organic capacity expansion and acquisitions, as well as its strategic focus on expanding outside the hospital into post-acute settings. While we have a positive bias on the name given its compelling fundamentals, we are maintaining our Hold give the stock's valuation." IPC The Hospitalist closed at $45.70 on Friday.