UPDATE: Jefferies Lowers PT on Tenet Healthcare to $8.50

Jefferies is out with its report today on Tenet Healthcare THC, lowering its PT from $9.50 to $8.50. In its report, Jefferies writes, "Volatile market conditions combined with deficit reduction fears have hammered the hospital sector, opening up compelling buying opportunities in stocks like THC that have a deeply discounted valuation, an attractive capital structure and well defined strategies to drive margins and earnings higher. Reiterate Buy/$8.50 PT (revised)." At the time of posting, shares of THC were trading pre-market at $5.07, down 0.59% from Tuesday's close.