In a report released today, Joseph France from Cantor Fitzgerald reiterated a Hold rating on Envision Healthcare (NYSE: EVHC), with a price target of $46. The company’s shares closed yesterday at $44.68.
France said:
“. We are reiterating our Neutral rating, but adjusting our 2018 and 2019 estimates to reflect 2Q18 results, and raising our price target to $46 from $40, to reflect KKR’s pending acquisition of EVHC. The company’s progress towards cost cutting showed in 2Q18 as adjusted EBITDA was higher than our estimate, despite flat volumes and lower than expected revenue, on lower supply costs and other operating expenses. The $9.9 billion (including $4.4 billion of debt) deal is expected to close in 4Q18 and represents a multiple of 10x our 2018 adjusted EBITDA estimate.”
According to TipRanks.com, France is a 5-star analyst with an average return of 11.6% and a 59.9% success rate. France covers the Services sector, focusing on stocks such as Cross Country Healthcare, Five Star Quality Care, and US Physical Therapy.
Envision Healthcare has an analyst consensus of Hold, with a price target consensus of $46.
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Based on Envision Healthcare’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.84 billion. In comparison, last year the company earned revenue of $1.95 billion and had a net profit of $56.3 million.
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Envision Healthcare Corp. engages in the provision of healthcare services. It operates through the Physician Services and Ambulatory Services segments. The Physician Services segment provides hospital-based and non-hospital-based physician services business.
