NEW YORK (TheStreet) -- Jefferies reduced its price target on ClubCorp Holdings (MYCC) stock to $27 from $31, but reiterated its "buy" rating on Thursday.

The Dallas-based company is engaged in the membership-based leisure business. It is an owner and operator of private golf and country clubs and business, sports and alumni clubs.

The new price target follows the company's release of its 2015 fourth quarter results yesterday. Revenue for the period was $331.7 million, slightly lower than analysts' projections of $332.91 million.

"We continue to view the long-term story favorably but recognize that investor concerns over the company's Texas exposure will remain a key overhang on the stock. We view concerns as overblown and would use this opportunity to accumulate shares at an attractive entry price," Jefferies said in an analyst note.

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Shares of ClubCorp are rising 9.67% to $12.38 at the start of trading on Thursday.

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