UPDATE: Dougherty & Company Reiterates Buy Rating, Raises PT for Mednax

In a report released earlier today, Dougherty & Company LLC reiterated its Buy rating for Mednax, Inc. MD but dropped its price target from $100.00 to $80.00. Dougherty & Company said their decision “assumes investors will put an Enterprise Value on MD of approximately 8.0x our 2012 adjusted EBITDA forecast ($438 million). This seems reasonable in light of the company's leadership position, track record and growth prospects. In addition, it is lower than the multiple (10x) paid recently by a large, experienced private equity group to take Emergency Medical Services Corp. (EMS – NR) private. EMS is not a perfect comp for MD but it is as good a one as is available now.” Mednax, Inc. closed on Friday at $65.80.