UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Cerner Corporation on Q4 Bookings
In a report published Wednesday, Piper Jaffray reiterated its Overweight rating on Cerner Corporation (NASDAQ: CERN), and raised its price target from $84.00 to $100.00.
Piper Jaffray noted, “Cerner reported numbers that beat our and consensus estimates handily. Bookings of $1.02 billion was the highlight in the quarter, exceeding its own guidance despite not adding a single ITWorks and RevWorks contract. While the stimulus rush is helping the bookings growth right now, we believe the company is already establishing itself in data analytics, which is the next growth leg in Healthcare IT. We believe that healthcare data analytics is a huge developing market with very limited competition and early glimpses of the capabilities suggests that CERN will become a dominant player."
Cerner Corporation closed on Tuesday at $83.60.
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