UPDATE: Jefferies & Company Upgrades Molina Healthcare to Hold, Raises PT

In a report published Friday, Jefferies & Company upgraded its rating on Molina Healthcare

from Underperform to Hold, and raised its price target from $19.00 to $24.00. Jefferies noted, “After speaking with management, we see a high probability that MOH strikes a California pricing deal, similar to HNT's, in the coming weeks. This would reduce downside risk and be well received by the market. Consequently, we are upgrading to Hold ahead of this positive catalyst. We value the benefit to MOH's profitability at $5. Importantly, without this deal, we believe the 2013 consensus is high.” Molina Healthcare closed on Thursday at $26.41.