UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on HMS Holdings Corp.

In a report published Monday, Jefferies & Company reiterated its Hold rating on HMS Holdings Corp.

, but lowered its price target from $32.00 to $21.50. Jefferies noted, “Mounting frustration with claim-processing delays, tepid Medicaid spending growth, slow RAC implementations, and multiple guidance reductions have taken their toll on HMSY. Growing anxiety over a Romney win also has not helped. However, we believe we are approaching a point where even the most negative of scenarios is priced in. HMSY offers a binomial play of the election.” HMS Holdings Corp. closed on Friday at $20.61.