Jefferies Downgrades Adeptus Health (ADPT) to Hold, Slashes PT to $13
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Jefferies downgraded Adeptus Health (NYSE: ADPT) from Buy to Hold with a price target of $13.00 (from $17.00).
Analyst Brian Tanquilut commented, "We are downgrading ADPT to Hold given our concerns about its balance sheet and cash flows. As A/R DSOs have risen from 54 days LY to 119 days at end-3Q16 and the company is now burning cash ($22MM in 3Q16 vs. cash generation of $11MM in 2Q15), ADPT is in a tight liquidity position and will have to raise more cash through debt/equity offerings in the next few months. Deteriorating SSS revs and EBITDA trends are also likely to keep pressure on ADPT shares NT."
The firm cut Q4 EPS from $0.83 to $0.22, FY 2016 EPS from $2.28 to $1.23 and FY 2017 EPS from $3.25 to $1.28.
Shares of Adeptus Health closed at $26.87 yesterday.
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