UPDATE: Jefferies Downgrades Lincare Holdings to Hold Following Offer from Linde

In a recent note, Jefferies lowered its rating on Lincare Holdings LNCR from Buy to Hold, but raised its price target from $38 to $41.50 to reflect acquisition bid on shares. Jefferies commented, "We are downgrading LNCR to Hold given our view that the $41.50 per share cash offer from Linde fully values the company and that a higher, competing offer is unlikely to emerge at this point. Consistent with Linde management's guidance, we expect the deal to close this year as we do not foresee any regulatory hurdles for the transaction." Lincare Holdings closed at $41.62 on Friday.