UPDATE: KeyBanc Capital Markets Reiterates Buy Rating, Raises PT on Cerner Corporation Following Health Conference

In a report published Thursday, KeyBanc Capital Markets analyst Donald Hooker reiterated a Buy rating on Cerner Corporation CERN, and raised the price target from $60.00 to $62.00. In the report, KeyBanc Capital Markets noted, “In our view, Cerner has gained substantial credibility in revenue cycle in the context of its recent enterprise deals at Adventist Health (March 2013) and Intermountain Healthcare (September 2013). The Adventist relationship appears to be bearing fruit from a development standpoint with the pending release of modules in 1) contract management and 2) computer assisted coding. Moreover, Cerner has gained ground with its Millennium based care management offering with deployments now at ~92 hospitals (~70 under contract). Population health remains a focus of development with the expected roll-out of a new portal in 1H14 with incremental patient education and wellness capabilities from the recent PureWellness acquisition. Also, Cerner has grown its predictive modeling with its investments in the HP Vertica Analytics Platform, which is accelerating learnings at CernerMath. CernerMath has now built roughly nine models.” Cerner Corporation closed on Wednesday at $53.17.