Brean Murray Initiates Coverage of Cerner (CERN) with a Hold
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Brean Murray initiates coverage of Cerner (Nasdaq: CERN) with a Hold rating.
Brean analyst says, "We believe the stimulus package will accelerate the adoption of inpatient clinical solutions. However, while the shift in the adoption curve improves the time value of money, we believe the earlier recognition will force investors to re-evaluate the multiple willing to be paid for a perpetual license business model. Without a replacement cycle, we draw an analogy to investing in pharma ahead of branded patent expirations. We believe the market will continue to apply a premium multiple to CERN as long as bookings growth accelerates. We would caution that applying a consistent P/E multiple to earnings derived from perpetual license sales could create a “greater fools” scenario down the line, in our opinion."
To see more analyst ratings on CERN Click Here.
Cerner Corporation (Cerner) is a supplier of healthcare information technology (HIT) solutions, healthcare devices and related services.
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