Story updated at 9:55 a.m. to reflect market activity.
Alere fell -0.5% to $34.57 in morning trading.
The analyst firm also lowered its EPS estimates for the company through 2015. Jefferies analysts noted that Alere has a tough second quarter, but said the company is "officially in reset mode" as it tries to remake itself.
Separately, TheStreet Ratings team rates ALERE INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALERE INC (ALR) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."