DA Davidson & Co Maintains Buy, $33 PT on The Ensign Group
DA Davidson & Co maintains its Buy rating and $33 price target on The Ensign Group (NASDAQ: ENSG) following the company's announcement of a joint venture with Immediate Clinic to develop and operate urgent care facilities.
In the report, DA Davidson and Co writes, "The company's initial investment in Immediate Clinic, LLC is $4 million, for which it gains a 55% stake in the partnership. If the strategy is successful, Ensign expects to diversify its payor sources, enhance its relationships with healthcare providers, and complement its existing businesses by offering urgent care benefits to its current base of over 12,000 employees."
Shares of The Ensign Group closed today at $24.60, up 0.16% from Tuesday's market close.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.