Market Overview

Goldman Sachs Reduces Accretive Health PT To $13


Accretive Health, Inc. (NYSE: AH) reported 3Q 2010 results, Goldman Sachs reports, noting that the EPS of $0.06 and adjusted EBITDA of $32.2 were both in-line with GS/Street estimates.

“However, revenues of $158.4 were significantly below our estimate of $174.6mn and Street consensus of $172.4mn,” Goldman Sachs writes. “Management's revenue guidance now stands at $595mn-$607mn (vs prior GS/Street estimates of $645mn/$639mn), while 2010 EBITDA guidance was maintained at $43mn- $46mn.”

As a result, Goldman Sachs is reducing its 12 month price target to $13 from $15, which is based on a blend of EV/EBITDA (50%), PEG (20%), and DCF (30%) valuation analyses.

Accretive Health currently trades at $9.00.


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