Stifel Cuts Price Target on TeamHealth Holdings (TMH) to $43; Reiterates Buy Following CEO Appointment
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Stifel maintained a Buy rating on TeamHealth Holdings (NYSE: TMH), and cut the price target to $43.00 (from $48.00). The company announced that Leif Murphy is now President and Chief Executive Officer as former CEO Michael Snow steps aside. Stifel views this transition positively. TMH also affirmed their guidance of net revenue of $4.64 billion - $4.71 billion, an implied net revenue growth rate of 29% to 31% and EBITDA margins expected to be 10.5%.
Analyst Chad Vanacore commented, "We are reducing our 2016 revenue estimates from $4.74 billion to $4.65 billion and adjusted EBITDA from $508.5 million to $490.3 million reflecting revenues and margins on the low end of management guidance. We expect operations to bounce back in 2017 and estimate margin expansion back toward the higher end of the 10.5-11% range as the company digests the recent IPC acquisition."
Shares of Team Health closed at $35.29 yesterday.
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