UPDATE: Bank of America Upgrades Hill-Rom Holdings to Neutral on Valuation
Bank of America raises its rating on Hill-Rom Holdings (NYSE: HRC) from Underperform to Neutral and tweaks its price objective from $24 to $23 on declining growth.
Bank of America comments, "We are upgrading Hill-Rom (HRC) to Neutral from Underperform based primarily on valuation. From a top-line perspective, we remain concerned that macro pressures on the hospital bed market could lead to 2013 revenue growth coming in below street expectations, and we now model 2013 revenues declining in the low single digits on an organic CC basis versus street estimates for 3-4% organic growth."
HRC closed at $30.19 on Tuesday.
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