UPDATE: Jefferies Lowers PT on Kindred Healthcare to $13

Jefferies is out with its report today on Kindred Healthcare KND, lowering its PT to $13 from $20. In its report, Jefferies writes, "Macroeconomic concerns along with renewed reimbursement fears will likely keep KND's stock range-bound for now, despite solid Q2 results and an attractive valuation. Until visibility improves, we are maintaining our Hold rating and are lowering our PT to $13 (from $20)." Shares of KND closed Monday at $11.29, down 12.68% from Friday's close.