UPDATE: Jefferies Lowers PT on WellPoint from $72 to $60

Jefferies maintained a Hold rating on WellPoint WLP and lowered its price target from $72 to $60. Jefferies wrote, “We were looking for a lower entry point after 2Q. Yes, we expected sloppiness on charges, diligence costs, GAAP guidance reduction, etc. However, we did not expect as much fundamental negativity on cost trend in light of comments from WLP and others during the quarter. We got plenty of pullback, but WLP got harder to buy not easier.” WellPoint closed at $54.01 on Wednesday.