UPDATE: Sterne Agee Reiterates Buy Rating, Raises PT on MedAssets

In a report published Monday, Sterne Agee Group reiterated its Buy rating on MedAssets

, and raised its price target from $22.00 to $24.00. Sterne Agee noted, “At the start of 2012, MDAS was trading around 7.5x the consensus FY2 EBITDA estimate. By year-end, that multiple had risen to 9x. MDAS' FY2 P/E multiple also increased from 9x to 14x. These metrics underscore the success of the company's turnaround efforts. We foresee the stock reaching the mid $20s over the next 12 months. Our $24 price target is based on 9.5x our CY14 EBITDA estimate of $240 million.” MedAssets closed on Friday at $18.60.