Oppenheimer Reiterates Outperform on Addus HomeCare (ADUS) Following Solid 3Q
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Oppenheimer reiterated an Outperform rating and $30.00 price target on Addus HomeCare (NASDAQ: ADUS) following the company's 3Q earnings report. Revenues were $103.5M, driven by 4.1% same store growth and the South Shore acquisition. Adjusted EPS of $0.39 exceeded the Street estimate of $0.31.
Analyst Michael Wiederhorn commented, "ADUS reported Q3:16 adjusted EPS of $0.39 (GAAP: $0.15), which exceeded OPCO/ Street of $0.33/$0.31. Adj. results exclude $0.23 of restructuring charges, $0.02 of severance, $0.03 of stock-based comp and a $0.04 credit for normalization of effective tax rate. Addus saw an increased benefit from the cost savings opportunities taken in the earlier part of the year, leading to a 100 bps and 130 bps sequential and y-y improvement in EBITDA margins. CF improved following the collection of its receivable balance from the state of Illinois, further providing increased liquidity for the company to pursue M&A."
Shares of Addus HomeCare closed at $26.00 yesterday.
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