Cerner (CERN) PT Raised to $87 at Cantor Fitzgerald Following Earnings

July 30, 2021 11:35 AM EDT
Get Alerts CERN Hot Sheet
Price: $73.17 +0.29%

Rating Summary:
    15 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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Cantor Fitzgerald analyst Steven Halper raised the price target on Cerner (NASDAQ: CERN) to $87.00 (from $86.00) while maintaining an Overweight rating following results.

The analyst commented, "We reiterate our Overweight rating on CERN shares and increase our price target to $87 from $86. This morning, July 30, the company reported 2Q21 results. Revenue and adjusted EPS were above our estimates and FactSet consensus. Importantly, the company recorded almost $179 million in organizational restructuring and other expense charges. While the magnitude of the charge was surprising, we believe the move clears the decks for improved performance in future periods. The company's press release indicates that it has already implemented a sizable workforce reduction, will shrink its office space footprint and will rationalize its product set. We had always believed that Cerner focused too much on real estate and was not truly disciplined in its R&D efforts. We believe that investors should welcome the recent changes."

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