Oppenheimer Reiterates Outperform on Cerner (CERN) Ahead of 3Q Report
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Oppenheimer reiterated an Outperform rating and $67.00 price target on Cerner (NASDAQ: CERN) ahead of the company's 3Q earnings report. Oppenheimer is expecting bookings of $1.52B, within the guidance range of $1.45-$1.60B. Revenue and EPS estimates are at $1.25B/$0.60 vs. consensus estimates at $1.24B/$0.60.
Analyst Mohan Naidu commented, "We are expecting an in-line quarter for Q3 at $1.25B/$0.60 with bookings of $1.52B— all within the current guidance range. There is uncertainty around the hardware and technology resale segment, which has been volatile in the past couple of years, but the deal flow so far gives us some comfort with the quarter numbers. More than the quarter numbers, we believe the qualitative commentary around CY17 growth expectations is likely to draw significant focus. The deal flow so far from EHR replacements, and the increasing focus from hospitals on the upcoming regulatory requirements around risk-based models and MACRA, gives us confidence in double-digit growth into 2017. Remain Outperform, $67 target."
Shares of Cerner closed at $61.02 yesterday.
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