Oppenheimer Rates Addus HomeCare Corporation Overweight , Sees 100+% Upside(ADUS)

Oppenheimer & Co. is reiterating its Overweight rating and $11 price target on shares of Addus HomeCare Corporation ADUS after CFO Francis J. Leonard left to pursue other opportunities. The price target is more than 100% higher than where shares are currently trading. In a note to clients, Oppenheimer writes, "While clearly a surprise, we believe this news is a positive for the company. Having joined ADUS in July of 2008, Mr. Leonard helped lead the company through its initial public offering and transition to public ownership. With that process now complete, adding a CFO with experience running a public company should benefit Addus." It went on to say, "Overall, we believe these strategic management changes should lead to an improved focus on operational execution. As a result, we would continue to be buyers at these attractive valuations and reiterate our Outperform rating." Shares of Addus HomeCare Corporation closed at $4.75 yesterday.