Stifel Nicolaus cuts its price target $3 to $22 on Buy-rated Emeritus Corporation ESC following the company's quarterly earnings miss.
Stifel Nicolaus says, "With an earnings miss we wouldn't be surprised to see shares lower on Thursday. However, we are maintaining a Buy rating on Emeritus shares as we
see value created in JV's and despite earnings volatility core operating fundamentals are gradually improving."
ESC closed at $16.95 a share on Tuesday.
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