Needham & Company Reiterates a 'Buy' on ExamWorks Group (EXAM); Solid Quarter with Evidence of a Turnaround

Needham & Company reiterates a 'Buy' on ExamWorks Group (NYSE: EXAM) price target raised from $11 to $13.

Analyst, Dalton Chandler, said, "In 2011 EXAM completed two major acquisitions that now combine to represent 50% of total revenue. While the acquired businesses have performed well the core ExamWorks brand still saw a Y/Y revenue decline, the decline was smaller than last quarter and, with 2/3rds of 1Q12 done, management is projecting further improvement in the current period."

"We have updated our estimates to conform to what is generally the low end of management’s guidance for 2012. We note that they plan to take a hiatus from acquisitions in 1H12, but still anticipate closing on $75 m in new revenue during 2H12. In our view this forecast is very reasonable, and possibly conservative given the results and trend of the just completed quarter."

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 $11.10 yesterday.

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