Jefferies Reiterates Buy on U.S. Physical Therapy

Jefferies is out with its report today on U.S. Physical Therapy USPH, reiterating Buy. In a note to clients, Jefferies writes, "Yesterday's pullback in USPH, in our view, was driven by concerns regarding the impact of a 30% cut in workers' comp rates in Illinois that was finalized on Wednesday night. With only eight out of its ~400 clinics located in IL, USPH has very limited exposure to this drastic rate cut. As such, we would view the stock's recent weakness as a compelling buying opportunity. Reiterate Buy." Jefferies maintains a $28 PT on USPH. Shares of USPH closed Wednesday at $24.01, down 6.72% from Tuesday's close.