UBS Raises Price Target on Premier (PINC) Following Announced Essensa Ventures Acquisition
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
UBS reiterated a Neutral rating on Premier, Inc. (NASDAQ: PINC), and raised the price target to $33.00 (from $32.50), following the company's announced acquisition of Essensa Ventures for $325MM. The deal is consistent with Premier's goal to expand its GPO presence across the continuum of care, specifically in the non-acute space.
Analyst Michael Cherny commented, "Innovatix and Essensa Ventures are two continuum of care GPOs (institutional healthcare providers outside the acute care hospital or health system), and Premier currently owns a 50% interest in the former. Innovatix currently serves more than 32,000 facilities (senior living facilities, independent medical oncologists, pharmacies, etc). Essensa is a national GPO serving ambulatory care, surgery centers, clinical laboratories, and other alternate sites of care. The company expects the acquisition to be immediately accretive. Premier expects the deal to contribute ~$53-$60MM to revenue, $18-$21MM to EBITDA and $0.04-$0.06 to EPS in FY17."
Shares of Premier, Inc. closed at $29.82 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Checkpoint Software (CHKP) PT Raised to $94 at Stifel Following 4Q Beat
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- UPDATE: SunTrust Robinson Humphrey Downgrades Simon Property Group (SPG) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
Related EntitiesUBS, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!