UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on IPC The Hospitalist Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on IPC The Hospitalist Company

, but lowered its price target from $47.00 to $40.00. Jefferies noted, “IPC's Q3 miss -- driven by contract exits and volume weakness in the company's host hospitals -- and associated guidance cut puts the stock back in the penalty box as investors re-evaluate the company's fundamental outlook. While IPC's performance (12% revenue and 19% EPS growth) is nothing to sneeze at, we also recognize that its risk profile has changed and will likely result in a NT valuation reset.” IPC The Hospitalist Company closed on Thursday at $41.90.