Hill-Rom Holdings (HRC) PT Raised to $150 at Baird on Standalone Basis
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Baird analyst Michael Polark raised the price target on Hill-Rom Holdings (NYSE: HRC) to $150.00 (from $125.00) while maintaining an Outperform rating, saying the conference call and slides did nothing to douse the smoldering embers of the Baxter (NYSE: BAX) M&A speculation. The analyst sees the stock worth $150 deal or not.
The analyst commented, "Some investors believed in high potential for “blow-out” FY3Q results. This report was not that, but there was clean upside, helping estimates continue recent upward trajectory. From core standpoint, felt like a flat-to-slightly-up kind of trading day. While specific comments on the rumor of course lacked, conference call and slides did nothing to douse the smoldering embers of M&A speculation, in our view. Standalone $150/share is not crazy if consider $7+ FY23 EPS at a market multiple, consistent with long-run average relative valuation."
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