UPDATE: BofA Securities Starts Apria Inc (APR) at Buy Citing Solid Growth and M&A Upside
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BofA Securities analyst Kevin Fischbeck initiated coverage on Apria Inc (NASDAQ: APR) with a Buy rating and a price target of $27.00. The company is a provider of medical equipment in patient homes and is positioned to benefit from the continued shift in care to the lower-cost home setting. Shares are also trading at an attractive valuation vs peers.
The analyst stated "Apria is growing organically 5% (in-line with industry growth but below its peer AHCO), but deploying its robust free cash flow (8% yield) on acquisitions that could drive 20% total revenue growth. Our $27 PO is based on 11.3x our 2022E Adj EBITDA less capex, as we expect the multiple gap to partially close vs AHCO as the company slowly starts to ramp back up its deal pipeline."
Shares of Apria Inc closed at $21.59 yesterday.
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