UPDATE: Jefferies Lowers PT on Coventry Health Care To $35

Jefferies & Company has published a research report on Coventry Health Care (NYSE:

) after the company reported 2Q results. In the report, Jefferies writes, "2Q EPS beat consensus by 6%, but the new 2011 EPS guidance midpoint was 4% below consensus. The underwhelming 2011 EPS guidance increase, realization that MLR may not help earnings power as much as originally thought, signs that utilization is starting to tick up, and backdrop of CVH's 31% YTD appreciation to Thursday all set up the pullback." Jefferies has lowered the price target on Coventry Health Care from $37 to $35 and maintains its Hold rating. Coventry Health Care closed Friday at $32.00.