Cerner (CERN): Growth Slowing, Multiple Likely To Follow - UBS
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UBS analyst, Michael Cherny, reiterated his Neutral rating on shares of Cerner (NASDAQ: CERN) but cut his price target to $60 from $66 after growth moderated as near term, 3Q’16 results were below expectation and longer term, the midpoint of preliminary 2017 revenue/EPS guidance was soft vs. consensus.
As the company faces the law of large numbers, multiples are likely to compress but the new PT equates to ~23x our FY17 EPS.
Shares of Cerner closed at $57.34 yesterday.
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