B. Riley & Co.'s Mannheimer Says Cerner Deal with Intermountain is 'Huge'
Shares of Cerner (NASDAQ: CERN) are now up more than 6.5 percent following a release from the company disclosing a strategic partnership with Intermountain. Cerner shares last traded at $53.33.
B. Riley & Co.'s Gene Mannheimer had some exclusive comments for Benzinga.
While the release didn't necessarily highlight the potential value of the contract, Mannheimer called the deal "huge" for Cerner. He noted Intermountain as a "pioneer" in the space and called the account Cerner will be handling "prestigious." Mannheimer highlighted the sheer magnitude of the relationship, pointing out Intermountain operates a chain of 22 hospitals.
The B. Riley analyst underscored the fact that Cerner beat out Epic for the contract -- a company which he said was recently beginning to be viewed as likely to win any contract up for grabs.
The contract could be valued at a couple hundred million dollars when closed later this year, according to Mannheimer.
B. Riley & Co. currently maintains a Neutral rating and $46 price target on shares of Cerner.
Latest Ratings for CERN
|Sep 2016||Bank of America||Initiates Coverage on||Buy|
|Sep 2016||Cowen & Co.||Downgrades||Outperform||Market Perform|
|Aug 2016||Stifel Nicolaus||Assumes||Hold|
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