Piper Jaffray Maintains Neutral on Healthways (HWAY)

Piper Jaffray is out with its report today on Healthways

, maintaining Neutral. In a note to clients, Piper Jaffray writes, "HWAY missed Q1 consensus estimates due, we believe, to mismanagement of Street expectations and higher startup costs on new contracts. Guidance was reiterated, and Q1 results were in-line with their (and only their) expectations. But momentum is building on growth initiatives, with quarterly contract value at a nearly all time high. We believe 2012 is setting up to be a growth year, and view consensus numbers as low. But a now back-end loaded year may cause an overhang on the stock. Maintain Neutral, $13 target." Shares of HWAY closed Monday at $14.01.