UPDATE: Jefferies Upgrades Cerner to Buy on Pullback

Jefferies raised its rating on Cerner

from Hold to Buy and increased its price target from $80 to $82. Jefferies commented, "On initiation, our hesitation was the stock's high valuation, combined with some very high expectations (i.e. >$1B in 4Q bookings). We thought a 10% pullback in the stock around 3Q12 was possible, as those expectations cooled somewhat. We got more than that. The 14% pullback in three weeks and an 11% stronger bookings guide combine to make a more compelling entry point in CERN." Cerner closed at $68.47 on Thursday.