Canaccord Genuity analyst Richard Close maintained a Hold rating on Premier Inc (NASDAQ: PINC) today and set a price target of $42. The company’s shares opened today at $40.20.
Close wrote:
“We reiterate our HOLD rating yet raise PT to $42. We commend PINC on posting better than expected 4Q results, noting inclusion of several timing (performance attainment rev., cash collection, GPO rev. recovery) benefits and initial FY19 guidance that, as expected, bracketed consensus. Despite this, we maintain our thesis that shares are fully valued as Performance Services (PS) growth remains muted and that further multiple expansion requires a re-acceleration in PS growth. Given the share reaction, it is clear that in investors’ minds a lower tax rate coupled with potential accretion from share repurchases are trumping the near-term growth profile in PS.”
According to TipRanks.com, Close is a 5-star analyst with an average return of 19.5% and a 64.3% success rate. Close covers the Services sector, focusing on stocks such as Envision Healthcare, Hms Holdings Corp, and Evolent Health.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Premier Inc with a $43.20 average price target, a 7.5% upside from current levels. In a report released today, Piper Jaffray also maintained a Hold rating on the stock with a $40 price target.
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The company has a one-year high of $45.31 and a one-year low of $27.16. Currently, Premier Inc has an average volume of 620.5K.
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Premier, Inc. operates as a holding company with interests in health services. It specializes in data and analytics, supply chain solutions, advisory and other services. It operates through the Supply Chain Services, and Performance Services segments.
