UBS Reiterates Buy on Cross Country Healthcare (CCRN)
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UBS maintained a Buy rating and $16.00 price target on Cross Country Healthcare (NASDAQ: CCRN) as the company reiterated its 3Q outlook. CCRN's 3Q16 EBITDA margin target of 5.0-5.5% is before estimated $0.9 mln of stockbased comp exp, while the EPS outlook of $0.13-$0.15 includes its impact.
Analyst A.J. Riced commented, "CCRN shares have been volatile recently on concerns around the short term drag of the company's investments (to drive nursing candidate attraction and to continue to build its workforce solutions capabilities). We briefly checked with CCRN. Management reports that investment spending is tracking the company's expectations, albeit the benefits from these initiatives are not likely to be noticeable until Q4. Importantly, having finalized July and August results at this point, management is comfortable reiterating its 3Q EBITDA margin outlook of 5.0-5.5% and EPS outlook of $0.13-$0.15. We are maintaining our estimates and believe that the recent weakness in shares provides an attractive buying opportunity."
Shares of Cross Country Healthcare closed at $11.67 yesterday.
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