UPDATE: Deutsche Bank Initiates Coverage on Envision Healthcare Holdings with Buy Rating, $31 PT on Multiple Positive Factors

In a report published Monday, Deutsche Bank analyst Darren Lehrich initiated coverage on

with a Buy rating and $31.00 price target. In the report, Deutsche Bank noted, “We are initiating coverage on EVHC with a Buy rating and $31 PT (~11x 2015E EV/EBITDA). Our positive investment case is underpinned by the following: (1) EVHC is the market leader in its core business segments: hospital-based physician outsourcing (EmCare) and medical transportation (AMR); and it is emerging as an innovator in the post-acute care management space (Evolution Health or EvH); (2) EVHC has a strong L-T earnings growth profile (high-teens to low-20%) due to a balance of internal growth, M&A and the benefits from PPACA. (3) EVHC is run by a well-regarded management team that has a strong track record and growth-orientation.” Envision Healthcare Holdings closed on Friday at $26.84.