UPDATE: Jefferies Lowering Price Target On Bio-Reference Labs

Jefferies & Co. is out with a research report on Bio-Reference Labs BRLI and is lowering its price target to $21 from $23, but is keeping its Hold rating on shares. In a note to clients, Jefferies & Co. writes, "While we applaud BRLI's strong Q3 performance, fundamentals don't seem to matter much right now given macroeconomic concerns and fears of federal austerity measures that could hit entitlement programs. For now, barring a takeout of the company, which we think is unlikely near term, we believe BRLI will remain range-bound. Maintain Hold; lowering PT to $21 (from $23)." Shares of BRLI lost 26 cents yesterday to close at $18.66.