Piper Jaffray Raises PT following Almost Family's (AFAM) 'Better-Than-Expected' Q1
- Wall Street closes lower as inflation fears prompt tech sell-off
- Dogecoin Sees 'Sell the News' Reaction to Musk's SNL Appearance, as 'Hustle' Comment is Weighed Against Launch 'To the Moon'
- Alphabet (GOOGL) and Facebook (FB) Downgraded to 'Neutral' at Citi as Decelerating Growth Is Not Bullish for Multiples
- Elliott Management has stake in Duke Energy (DUK) - WSJ
- Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs
Piper Jaffray reiterates a Neutral rating on Almost Family (NASDAQ: AFAM), and raised the price target to $38.00 (from $32.00), following "Better-than-expected" Q1 results. Adjusted EPS beat estimates by $0.04, coming to $0.51, while revenue increased 6.7% to $128M ( $8.1M higher than estimate).
Piper Jaffray analyst, Kevin Ellich, commented on the results, saying, "AFAM reported better-than-expected Q1 results on slightly higher revenues and stronger cost controls in VN due to better adherence to agency-level staffing standards which lowered labor costs and improved EPS by $0.08. The company also noted that case-mix changes and Medicare reimbursement rates under the 2015 final rule increased revenue y/y by $0.6M and EPS by $0.04. Collection delays continued for the personal care segment due to changes in billing requirements in Ohio and Tennessee and AFAM expects some improvement over the next few quarters. While we are encouraged by increased regulatory visibility and the long-term growth in demand for lower cost care
settings such as home health, we remain on the sidelines until we get better visibility on these collection and cash flow related issues. Maintain Neutral and raising PT to $38."
Shares of Almost Family closed at $37.36 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cronos Group (CRON:CN) (CRON) PT Lowered to Cdn$9 at Cowen
- Verso Paper (VRS) PT Raised to $30 at BWS Financial
- Sally Beauty Holdings (SBH) PT Raised to $28 at Cowen
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray
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!