Deutsche Bank Downgrades Amedisys (AMED) to Hold
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Deutsche Bank downgrades Amedisys Inc (Nasdaq: AMED) from Buy to Hold. Price target lowered from $75 to $53.
Deutsche analyst says, "From significant earnings growth, we believe a sticking point relates to AMED's deteriorating A/R aging trends. When A/R agings are compared to peers, MED could be in a position where it needs to take higher bad debt accruals to normalize aging buckets. Our analysis could be skewed by A/R that has built up from TLC conversions (or other factors); yet, we conclude estimates ought to come down until we gain comfort with a sustainable bad debt level on the P&L...Until we gain more comfort with the condition of AMED's A/R, we believe it is prudent to assume higher bad debt. As such, our 2008-2010 EPS moves to (from) $3.12 ($3.23), $3.59 ($4.10) and $4.27 ($4.85), respectively."
Amedisys, Inc. is a provider of home health services to the chronic, co-morbid, aging American population.
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