Cross Country Healthcare (CCRN) PT Lowered to $10 at Barrington Research

Barrington Research analyst Kevin M. Steinke lowered the price target on Cross Country Healthcare (NASDAQ: CCRN) to $10.00 (from $11.00) while maintaining a Outperform rating.

Analyst says: "Based on Q4/18 results and Q1/19 guidance, we now expect adjusted EBITDA to decline 29% in 2019 before rebounding to 43% growth in 2020 as Mr. Clark’s plan takes hold. We are scaling back our 12-month price target to $10 (from $11), which assumes an EV/NTM EBITDA multiple of 11x the NTM consensus EBITDA estimate, similar to the peer group average multiple."

Shares of CCRN trade down -1.43%, while SPY trades down -0.90% in late morning trading.

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