Jefferies Lowers PT on CardioNet to $5 (BEAT)

Jefferies is out with its report today on CardioNet BEAT, lowering its price target from $6 to $5. In a note to clients, Jefferies writes, "BEAT reported weak Q4:10 results with slightly lower revenues and larger-than-expected losses. We remain sidelined into another challenging year. We are adjusting our 2011 estimates and price target to $5 (from $6)." Jefferies maintains Hold on BEAT. At the time of posting, shares of BEAT were trading at $4.73, up 6.53% from Thursday's close.