UPDATE: Jefferies Raises PT to $46 on IPC The Hospitalist on Good Fundamentals

Jefferies reiterated its Hold rating on IPC The Hospitalist

and raised its price target from $40 to $46. Jefferies noted, "IPCM remains one of the better growth stories in our H/C services coverage universe, and we have a positive bias on the name given our belief that hospitalist services, which generally fall under primary care, are largely immune from potential Medicare cuts. That said, we believe NT upside to the stock is fairly limited given the lack of meaningful catalysts and the stock's current valuation." IPC The Hospitalist closed at $43.76 on Thursday.