UPDATE: Jefferies Raises PT to HCA Holdings to $34

Jefferies remains Buy-rated on HCA Holdings

and raises its price target by $4 to $34 as it believe the company's valuation to be depressed. Jefferies says, "We could be in the early stages of a recovery in healthcare service utilization. If this is true, HCA, long considered the bellwether of the sector, is well positioned to outperform given its depressed valuation. HCA's dynamic cash flows could be harnessed to drive upside performance." HCA closed at $27.80 a share yesterday.