Oppenheimer Reiterates Outperform on Chemed Corporation (CHE) After Meeting with Management
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Oppenheimer reiterated an Outperform rating and $155.00 price target on Chemed Corporation (NYSE: CHE) after attending meetings with management. The company has acknowledged that admissions have been disappointing in 2016, as competitors have been more aggressive around increasingly profitable shorter-stay patients. However, Chemed's balance sheet remains among the cleanest in Oppenheimer's view, at 0.6X EBITDA.
Analyst Michael Wiederhorn commented, "We attended meetings with the management team for Chemed. We believe the company should continue to make the most out of a challenging 2016, while 2017 should represent a return to the solid organic growth levels investors are accustomed to. With strong balance sheet/cash flow profile, limited exposure to the ACA and a stable reimbursement outlook, we believe Chemed remains an attractive longer-term investment in a rocky healthcare universe."
Shares of Chemed closed at $141.29 yesterday.
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