UPDATE: Jefferies Upgrades Aetna from Hold to Buy and Raises PT from $47 to $51

Jefferies has published a research report on Aetna (NYSE: AET) upgrading the stock and raising the price target.

According to Jefferies, "AET's 25% 2Q EPS outperformance, coupled with what we believe is conservative MLR guidance in 2H11, several 2012 tailwinds, and low government exposure support our upgrade. We had been getting more constructive on AET heading into earnings, so the 18% decline over the last month has created a nice entry point. We see upside of 45% with downside at $29 (6.5x a modest 2012 EPS decline)."

Jefferies upgraded Aetna from Hold to BUY with a price target raised from $47.00 to $51.00. Aetna closed Monday at $35.48.