Leerink Partners Cuts Price Target on TeamHealth Holdings (TMH) After Meeting with Management
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Leerink Partners maintained an Outperform rating on TeamHealth Holdings (NYSE: TMH), and cut the price target to $40.00 (from $56.00), following the company's 2Q earnings report and management meetings. The company reported a soft 2Q miss on both revenue and EBITDA. Management remains optimistic on the potential for cross-selling synergies from IPC and even the realization of some BPCI synergies by year-end.
Analyst Ana Gupte commented, "We are lowering our PT to $40 for TMH after a weak 2Q and our meetings with Management, Mike Snow (CEO) and David Jones (CFO), in Nashville on Aug. 17, noting risks to 2016 EBITDA achievability across a) 2Q miss and guide-down, b) Slower turnaround of IPC legacy business, and c) leverage ratio that could hamper M&A."
Shares of Team Health closed at $34.12 yesterday.
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