Oppenheimer Sticks to Their Hold Rating for Cross Country Healthcare (CCRN)

In a report released today, Michael Wiederhorn from Oppenheimer maintained a Hold rating on Cross Country Healthcare (CCRN). The company’s shares closed yesterday at $8.99.

Wiederhorn observed:

“CCRN reported Q4:18 adj. EPS of $0.00 (GAAP: ($0.55)) vs. OPCO/Street estimates of $0.04/$0.03 and prior guidance of $0.02-0.04. Results exclude $0.55 of items, almost entirely consisting of an impairment charge. The company continued to struggle operationally, with top-line softness, along with G&A/leverage impacting results. The physician business was particularly weak, while CF was also soft. New CEO Kevin Clark is focusing on use of technology, leadership changes, and cost reductions, as the company looks to get back on track. Possibly as a sign of conservatism, CCRN issued Q1:19 EPS guidance of ($0.04)-($0.02), well below OPCO/Street of $0.02/$0.03. As a result, we are reducing our 2019/2020 estimates to $0.16/$0.27 from $0.31/$0.40.”

According to TipRanks.com, Wiederhorn is a top 100 analyst with an average return of 14.7% and a 68.9% success rate. Wiederhorn covers the Services sector, focusing on stocks such as Community Health, The Ensign Group, and Centene Corp.

Cross Country Healthcare has an analyst consensus of Hold, with a price target consensus of $10, implying an 11.2% upside from current levels. In a report issued on February 19, SunTrust Robinson also downgraded the stock to Hold with a $10 price target.

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The company has a one-year high of $12.90 and a one-year low of $6.91. Currently, Cross Country Healthcare has an average volume of 228.8K.

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Cross Country Healthcare, Inc. engages in the provision of healthcare staffing and workforce management solutions. It operates through the following segments: Nurse and Allied Staffing, Physician Staffing, and Other Human Capital Management Services.