UPDATE: Compass Point Initiates Performant Financial at Buy on Growth
Compass Point initiated coverage on Performant Financial (NASDAQ: PFMT) with a Buy rating and an $11 price target.
Compass Point commented, "We view Performant as an early-stage growth story: student lending leading indicators of originations, delinquencies, and defaults are all accelerating, while increasing Medicare spend creates a significant pipeline of error recovery volume. Regulatory and concentration risk remain, but we expect the company's steady performance and long-term relationships with the Department of Education (ED) and Centers for Medicare and Medicaid Services (CMS) bode well for the key upcoming contract renewals, setting the stage for meaningful placement growth for several years."
Performant Financial closed at $9.20 on Tuesday.
Latest Ratings for PFMT
|Jun 2014||SunTrust Robinson Humphrey||Maintains||Buy|
|Feb 2014||Credit Suisse||Downgrades||Outperform||Neutral|
|Feb 2014||Morgan Stanley||Maintains||Overweight|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.