Shares of Humana (HUM) - Get Humana Inc. (HUM) Report were lower over 1% during mid-morning trading after the stock was downgraded at Jefferies to "Hold" from "Buy" with a $221 price target.

Humana's stock is too expensive given that the 2018 premium growth under President Trump is lower than in 2017 under Obama, Jefferies analyst David Windley noted.

Factors that would improve Medicare Advantage decidedly above Medicaid and Commercial "are not blossoming," Windley wrote.

While he notes that shares of Humana are "too expensive," Windley argues that its counterpart Anthem's (ANTM) - Get Anthem, Inc. Report stock is "cheap."

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