UPDATE - UBS Initiates Coverage on Cross Country (CCRN) with a Neutral; Trajectory on the Industry Turn has been Slow

UPDATE - UBS initiates coverage on Cross Country (Nasdaq: CCRN) with a Neutral. PT $4.50.

Analyst, A.J. Rice, said, "With $550 million in annual revenue, Cross Country is a leading pure play in medical staffing. The company has a strong presence in nurse and allied travel staffing, physician staffing and clinical trials staffing."

"Our price target for CCRN of $4.50 assumes the shares can trade to ~15x our 2013 EPS estimate over the next year. While this valuation is well below the company’s five-year average of 22x, we believe it is more reflective of the current industry backdrop that CCRN faces. Also, we note that our expectations for 2013 EPS assume a healthy rebound in earnings over 2012."

To see more ratings on CCRN, Click Here

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