UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Molina Healthcare on Increased Earnings Outlook

In a report published Monday, Jefferies reiterated its Hold rating on Molina Healthcare

, and raised its price target from $24.00 to $31.00. Jefferies noted, “We are raising our price target to $31 and increasing our earnings outlook to reflect 1) the progress MOH has made on its problem areas; 2) favorable rate increases; and 3) better visibility into 2013 now that the company has provided EPS guidance. Friday's 10% surge (S&P 500 up 0.6%) was driven by the aforementioned, but the favorable NM RFP announcement late Friday afternoon also likely helped to provide support.” Molina Healthcare closed on Friday at $31.88.