UPDATE: Jefferies Raises PT on Hanger Orthopedic Group to $29 (HGR)

Jefferies is out with its report today on Hanger Orthopedic Group HGR, raising its PT from $28 to $29. In its note to clients, Jefferies writes, "We are tweaking our FY11 and FY12 EPS estimates to reflect the positive benefit of the recent modification of Hanger's credit facility terms. The 125 bps reduction in HGR's effective interest rate should provide an annualized boost of ~$0.05 to adjusted/normalized EPS. Given our continued belief in HGR's ability to drive solid growth and consistent margin expansion, we reiterate our Buy and are raising our PT to $29." Jefferies maintains Buy on HGR. At the time of posting, shares of HGR were trading pre-market at $26.84, up 4.03% from Wednesday's close.