WebMD (WBMD) PT Lowered to $63 at Mizuho as New CEO Abruptly Announced
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Mizuho Securities analyst Neil Doshi lowered his price target on WebMD Health Corp. (NASDAQ: WBMD) to $63.00 (from $68.00) after the company abruptly announced a new CEO this morning. The firm maintained a Buy rating.
Doshi commented, "WebMD abruptly announced a new CEO this morning. In our view, C-level changes are a red flag, especially ones with little to no explanation. However, we view Dr. Zatz as a low-risk replacement to Mr. Schlanger, given that Dr. Zatz has been with the company for many years and ran the biggest portion of the firm. We are maintaining our Buy rating, but lowering our target price from $68 to $63 on a lower target multiple given the sudden management change."
Shares of WebMD Health Corp. closed at $51.97 yesterday.
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