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Anthem (ANTM) Stock Falls, Downgraded at Jefferies

NEW YORK (TheStreet) -- Shares of Anthem (ANTM) were declining in early-morning trading on Tuesday after Jefferies downgraded the stock to "hold" from "buy"earlier today due to concerns about selling, general and administrative expenses (SG&A), health insurance exchange "noise" and a lack of catalysts.

"While the stock is the least expensive in the group, we are concerned this year's significant SG&A were too deep," the firm wrote in a note. "We believe 2017 earnings per share growth is limited by restoration of half of those cuts."

This "belt-tightening" could indicate under-investment in the...