Piper Jaffray Reiterates Overweight on Cerner (CERN) Ahead of MHS GENESIS Roll-Out
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Piper Jaffray reiterated an Overweight rating and $81.00 price target on Cerner (NASDAQ: CERN) as the company prepares for the roll-out of its Department of Defense contract, "MHS GENESIS." Naval Hospital Bremerton conducted system validation sessions on the “MHS GENESIS” project in preparation for the anticipated go-live on December 6, 2016. End-user training is to begin in midSeptember, and two integration validation sessions are to be conducted in October and November. Piper Jaffray believes that there is likely to be additional no-bid bookings opportunities related to the DoD contract.
Analyst Sean Wieland commented, "Cerner's roll-out of the Department of Defense contract "MHS GENESIS," remains on schedule with system validation sessions complete and go-live scheduled by year-end. We believe the impact this contract will have on numbers is being largely overlooked by investors. We have confidence in our street-high bookings growth estimates because we believe DoD bookings will accelerate in 2H17 and 2018, and tangential opportunities related to the DoD will emerge. Reiterate Overweight, $81 price target."
Shares of Cerner closed at $64.64 yesterday.
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