Goldman Sachs Starts MedAssets (MDAS) at Neutral

Goldman Sachs initiates coverage on MedAssets (NASDAQ: MDAS) with a Neutral rating and $15 price target.

The firm notes MedAssets trades at a 37% discount to the HCIT space (2012
EV/EBITDA) following significant underperformance in MDAS shares YTD (-35%). However, they do not see evidence of improving fundamentals as organic revenue cycle growth of 9% is below industry growth of 15% and group purchasing organization (GPO, 60% total revenues) are likely to be impacted by stagnant HC utilization.

The firm sees 2011/2012/2013 EPS of $0.96/$1.16/$1.37 compared to consensus of $0.97/$1.16/$1.41

For more ratings news on MedAssets click here and for the rating history of MedAssets click here.

Shares of MedAssets closed at $13.19 yesterday.

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