UPDATE: Wedbush Lowers Medifast's PT

According to a research report published this morning, Wedbush has lowered Medifast's

PT from $23 to $22. In the report, Wedbush commented, "Return to double-digit growth in direct-selling business leads to revenue upside. Q1 revenues of $89 million exceeded the consensus estimate of $87 million on 13% growth in Take Shape for Life, the direct-selling arm, to $53 million, due to a 2% increase in active health coaches and 3% increase in productivity." Wedbush maintains its Outperform rating on Medifast, which is currently trading at $16.57.