KeyCorp Reiterates “Buy” Rating for Cerner Corp. (CERN)
Cerner Corp. (NASDAQ:CERN)‘s stock had its “buy” rating reaffirmed by KeyCorp in a research note issued on Thursday, American Banking News.com reports. They currently have a $62.00 price target on the stock, up from their previous price target of $60.00. KeyCorp’s price target suggests a potential upside of 17.65% from the company’s current price.
The analysts wrote, “In our view, Cerner has gained substantial credibility in revenue cycle in the context of its recent enterprise deals at Adventist Health (March 2013) and Intermountain Healthcare (September 2013). The Adventist relationship appears to be bearing fruit from a development standpoint with the pending release of modules in 1) contract management and 2) computer assisted coding. Moreover, Cerner has gained ground with its Millennium based care management offering with deployments now at ~92 hospitals (~70 under contract). Population health remains a focus of development with the expected roll-out of a new portal in 1H14 with incremental patient education and wellness capabilities from the recent PureWellness acquisition. Also, Cerner has grown its predictive modeling with its investments in the HP Vertica Analytics Platform, which is accelerating learnings at CernerMath. CernerMath has now built roughly nine models.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Jefferies Group raised their price target on shares of Cerner Corp. from $57.50 to $62.00 in a research note to investors on Friday, October 4th. They now have a “buy” rating on the stock. Separately, analysts at Hilliard Lyons reiterated a “buy” rating on shares of Cerner Corp. in a research note to investors on Tuesday, October 1st. They now have a $58.00 price target on the stock. Finally, analysts at B. Riley raised their price target on shares of Cerner Corp. to $52.00 in a research note to investors on Tuesday, October 1st. They now have a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $78.79.
Cerner Corp. (NASDAQ:CERN) traded up 2.24% during mid-day trading on Thursday, hitting $53.88. The stock had a trading volume of 488,384 shares. Cerner Corp. has a one year low of $33.82 and a one year high of $55.07. The stock’s 50-day moving average is $49.42 and its 200-day moving average is $48.47. The company has a market cap of $18.487 billion and a price-to-earnings ratio of 42.85.
Cerner Corp. (NASDAQ:CERN) last released its earnings data on Thursday, July 25th. The company reported $0.34 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.34. The company had revenue of $707.60 million for the quarter, compared to the consensus estimate of $725.71 million. During the same quarter last year, the company posted $0.59 earnings per share. Cerner Corp.’s revenue was up 11.0% compared to the same quarter last year. Analysts expect that Cerner Corp. will post $1.41 EPS for the current fiscal year.
Cerner Corporation is a supplier of healthcare information technology solutions, services, devices and hardware.
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