UPDATE: Jefferies Color On HNT Target Increase

Jefferies, which raised its PT on shares of Health Net, Inc. HNT, is providing some color on the stock. “Operating EPS of $0.61 beat consensus by four pennies, though was in-line with JEF,” Jefferies writes. “Government segment's net income far surpassed expectations ($11mm above our estimate), but the Western Region segment had a $12mm shortfall. A large buyback (5% of outstanding shares) added $0.03 to 1Q EPS.” Health Net closed Wednesday at $33.48.