UPDATE: Bank of America Raises PT on Acadia Healthcare Company on New Purchases
In a report published Friday, Bank of America analyst Kevin Fischbeck reiterated a Buy rating on Acadia Healthcare Company (NASDAQ: ACHC), and slightly raised the price target from $36.00 to $37.00.
In the report, Fischbeck noted, “On 4/5/13 ACHC announced it had reached an agreement to purchase two facilities, one in Puerto Rico and the other in Florida. The San Juan Capestrano Hospital in San Juan, Puerto Rico is licensed for 108 beds, with a certificate of need to build an additional 100 beds and produced ~$25m of revenue in 2012. The Tampa Florida facility is under construction with a scheduled open in Q1 2014 and will have 75 beds. The company will pay ~$92m plus construction costs for the Tampa facility. The purchase is scheduled for completion in 2Q13. With this news we are raising our 2013/14/15 estimates to $0.98/$1.23/$1.39 from $0.97/$1.20/$1.34, although we are being somewhat conservative around the opportunity for bed expansions at these sites and believe that there could be more upside in the out years. We are also raising our PO to $37 from $36.”
Acadia Healthcare Company closed on Thursday at $28.57.
Latest Ratings for ACHC
|Jan 2017||Citigroup||Initiates Coverage On||Buy|
|Feb 2016||Avondale Partners||Maintains||Market Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.