Cerner (CERN) PT Trimmed to $80.50 at Evercore ISI
Get Alerts CERN Hot Sheet
Rating Summary:
8 Buy, 17 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
Evercore ISI analyst Michael Cherny trimmed his price target on Cerner (NASDAQ: CERN) to $80.50 (from $84.00) following Q2 results but maintained a Buy rating.
commented, "The current state of Cerner has become somewhat polarizing, with a raft of positive announcements (Catholic Health ITWorks, DHMSM, and today's Baptist announcement) offset by another revenue miss and guidance reduction. The leading indicators remain positive towards sustaining momentum, with both 2Q bookings results/3Q bookings guide quite strong and margins progressing nicely (both operational-driven as well as mix), although the revenue shortfall, which management took the blame on, noting inaccurate forecasting related to appropriate staffing for certain projects. While the revenue underperformance (on both the quarter and guidance) is likely to weigh on shares tomorrow, we would note that in after-hours trading, the stock is back to its pre-DoD level, and given the long-term growth pathway in front of CERN, we view this level as a very attractive entry point for what remains a high quality large cap growth company with a significant pipeline of opportunities (both already booked and being worked on) to capitalize on. Therefore we reiterate our Buy rating and would use any outsized potential weakness as a buying opportunity."
For an analyst ratings summary and ratings history on Cerner click here. For more ratings news on Cerner click here.
Shares of Cerner closed at $70.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
- Parade Technologies Ltd. (4966:TT) PT Lowered to NT$870 at Nomura/Instinet
- Meta Platforms Inc. (META) PT Lowered to $575 at UBS, 'shares are offering a 3-to-1 skew'
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!