Needham & Company Maintains a 'Buy' on ExamWorks Group (EXAM); Updating Model on Lower Forecasted Results and Multiple Contraction
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Price: $35.06 --0%
Rating Summary:
3 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on ExamWorks Group (NYSE: EXAM) price target slashed from $30 to $11.
Needham analyst says, "We are lowering our price target on the lower forecast and because the forward EBITDA multiples for the peer group have contracted since we last wrote on the company...We have lowered our revenue estimate for 4Q11 to $110.7 M from $123.4 M. The reduction is driven primarily by lower than expected organic growth, which was actually negative 4% in 3Q11. We have lowered our FY12 revenue estimate to $485.9 M from $559.0 M based on and assumption of 4% organic growth for the year, down from 10%. We are still assuming $75 M in acquired revenue for the year, but now expect it to be back end loaded, which also contributes to our revenue reduction for the year."
For an analyst ratings summary and ratings history on ExamWorks Group click here. For more ratings news on ExamWorks Group click here.
Shares of ExamWorks Group closed at $7.85 yesterday.
Needham analyst says, "We are lowering our price target on the lower forecast and because the forward EBITDA multiples for the peer group have contracted since we last wrote on the company...We have lowered our revenue estimate for 4Q11 to $110.7 M from $123.4 M. The reduction is driven primarily by lower than expected organic growth, which was actually negative 4% in 3Q11. We have lowered our FY12 revenue estimate to $485.9 M from $559.0 M based on and assumption of 4% organic growth for the year, down from 10%. We are still assuming $75 M in acquired revenue for the year, but now expect it to be back end loaded, which also contributes to our revenue reduction for the year."
For an analyst ratings summary and ratings history on ExamWorks Group click here. For more ratings news on ExamWorks Group click here.
Shares of ExamWorks Group closed at $7.85 yesterday.
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