UPDATE: Cantor Fitzgerald Starts CareCloud (MTBC) at Overweight
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Cantor Fitzgerald analyst Steven Halper initiates coverage on CareCloud (NASDAQ: MTBC) with a Overweight rating and a price target of $15.00.
The analyst comments "CareCloud, formerly known as MTBC, Inc., provides a broad range of healthcare IT services and applications to a wide range of providers. Prior to the acquisition of MTBC, the company mostly focused on revenue cycle services for smaller physician offices. With the acquisition of CareCloud, the company added a SaaS-based EHR application. The company's large offshore workforce is a competitive advantage in its pricing as well as how it integrates acquisitions. Indeed, acquisitions have been an important component of the company's growth, and we expect that to continue. We think MTBC shares are inexpensive on an EV/EBITDA basis. However, the company's capital structure is complex given the previous issuance of perpetual preferred shares (MTBCP - Not rated). We believe MTBC is contemplating simplifying its corporate structure, which we believe would serve as a catalyst for the shares. Even with the preferred, we believe MTBC shares are very attractive at current levels with about 75% upside to our DCF-based price target of $15. We initiate coverage with an Overweight rating."
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