UPDATE: Jefferies Initiates Five Star Quality Care at Buy

Jefferies is out with its report today on Five Star Quality Care FVE, initiating FVE at Buy. In a note to clients, Jefferies writes, "We are initiating coverage of FVE with a Buy rating and $7.50 PT. We believe the company is well positioned to benefit from the favorable supply and demand fundamentals of the seniors housing industry. Improving industry trends bode well for FVE's outlook and should allow for accelerated revenue and earnings growth. In June 2011, Jefferies acted as a Joint Bookrunner in a Follow-on Offering for Five Star Quality Care, Inc." Shares of FVE closed Friday at $6.03, up 6.35% from Thursday's close.