UPDATE: Jefferies Cuts PT to $100 on Humana; Expectations Come Down

Jefferies lowers its price target from $103 to $100 on Buy-rated Humana HUM as expectations come down as suggested by selloff in shares. Jefferies notes, "An 8% sell-off seems severe for a well-positioned company in a multi-year growth trend and that beat its guidance. Expectations got extremely heated during 1Q and had come back toward Earth since mid-January, but evidently not TO Earth. A negative PPD (of any kind) does not help. The market is pricing an accelerating rise in cost trend that is not borne out in numbers or comments." HUM closed at $80.68 on Monday.