Oppenheimer Outperform on Amedisys

Oppenheimer & Co. is out with a research report on Amedisys, Inc. AMED and it has an Outperform rating and a $15 price target after it reported earnings. In a note to clients, Oppenheimer writes, " Amedisys had another tough quarter, reporting a 3Q11 miss, and lowered 2011 EPS guidance to $1.90-2.00, down from $2.20-2.40. In response, the company announced several managerial changes, including the departure of COO Mike Snow and the retirement of CFO Dale Redman, to be replaced by current board member Ronald LaBorde. Furthermore, AMED announced plans to close 50 centers ($34M in revs, $10M pre-tax losses). As a result, we are reducing our 2011-12 EPS estimates to $1.92/$1.21 from $2.39/$2.24. Furthermore, we are reducing our price target to $15 from $32 due to our lower estimates." Shares of AMED are off 9 cents to $9.97, a loss of 0.9%.