UPDATE: Jefferies Cuts PT to $19 on Almost Family on Medicare Changes

Jefferies reiterated its Hold rating on Almost Family AFAM and reduced its price target from $23.50 to $19. Jefferies said, "We continue to have a neutral view on AFAM as the company is having to adapt to new headwinds from payment structure changes from Medicare Advantage payors, as well as ongoing volume challenges and scheduled Medicare rate cuts. Risk for incremental reimbursement pressure on home nursing providers such as AFAM also remains high as "fiscal cliff" discussions in DC have intensified the need for savings from the Medicare program." Almost Family closed at $19.21 on Tuesday.