Jefferies Reiterates Buy on TeamHealth Holdings (TMH) Following CEO Appointment
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Jefferies reiterated a Buy rating and $47.00 price target on TeamHealth Holdings (NYSE: TMH) following the company's appointment of Leif Murphy as President & CEO. Given the CEO appointment, Jefferies views the potential sale of TMH as unlikely in the near-term, and believes that TMH's recent valuation included little or no takeout premium.
Analyst Brian Tanquilut commented, "We view the appointment of Leif Murphy as President & CEO positively given his success in growing and helping to sell DSI Renal, his turnaround capabilities demonstrated as CFO of LPNT, and his excellent business development track record. We acknowledge that the appointment renders the sale of TMH as unlikely in the near-term, but believe Murphy's incentives are structured to ultimately turnaround the company and possibly pursue a sale 1-2 years down the road."
Shares of Team Health closed at $34.69 yesterday.
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