UPDATE: Piper Jaffray Upgrades Team Health Holdings to Overweight on Long-Term Risk/Reward

Piper Jaffray raised its rating on Team Health Holdings

from Neutral to Overweight and increased its price target from $27 to $30. Piper Jaffray noted, "We are upgrading TMH to Overweight from Neutral and raising our PT to $30 from $27 due to 1) favorable emergency department (ED) trends reported by HMA and LPNT, 2) the recent pullback has created an attractive entry point and seems to be more related to election sentiment rather than fundamentals, and 3) the longer-term benefit from healthcare reform. We believe TMH is fairly insulated from weak inpatient trends as demand and utilization of the emergency department is relatively inelastic." Team Health Holdings closed at $25.60 on Friday.