Cerner (CERN) PT Raised to $87 at Cantor Fitzgerald Following Earnings
- Indexes close up more than 1% as investors assess Fed news
- China Tells Local Authorities to Prepare For a 'Possible Storm' and Prevent Unrest as Evergrande Crisis Unravels - WSJ
- Salesforce (CRM) Raises FY22 Revenue Guidance; Initiates FY23 Revenue
- Oil prices rise, hit 2-month highs on supply worries
- IDFA Seen as a 'Real Headwind' for Facebook (FB) but Analysts Remain Positive
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Syros Pharmaceuticals (SYRS) PT Raised to $23 at Roth Capital
- Rolls-Royce Holdings Plc. (RR/:LN) (RYCEY) PT Raised to GBP1.60 at Berenberg
- Topaz Energy (TPZ:CN) (TPZEF) PT Raised to Cdn$21.75 at Stifel Canada
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesCantor Fitzgerald, Layoffs, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!