UPDATE: Citigroup Reiterates Buy Rating, Raises PT on IPC The Hospitalist Company Following 2Q13 EPS Report

In a report published Monday, Citigroup analyst Robin Shoemaker reiterated a Buy rating on

, and raised the price target from $68.00 to $70.00. In the report, Citigroup noted, “DRC reported 2Q13 EPS of $0.69 compared to our $0.57 estimate and the $0.57 consensus. Revenues of $805M were well below our $845M estimate and the $837M consensus estimate. Full-year 2013 operating income guidance was lowered to $430M-$450M (from the low end of the $450M-$530M initial range previously) while full-year 2013 revenue guidance was lowered to $3.4B-$3.6B (from $3.5B-$3.7B previously). We have reduced our EPS estimates from $3.30 to $3.15 in 2013, from $4.30 to $4.10 in 2014, and from $5.25 to $5.00 in 2015. Despite the lowered estimates, we reiterate our Buy rating on DRC and have increased our price target from $68 to $70 due to its strong and sustained long-term growth prospects across the energy value chain.” IPC The Hospitalist Company closed on Friday at $60.74.