Deutsche Bank Comments On "Stellar Results" For Cerner

According to Deutsche Bank, Cerner

kicks off FY11 with stellar results, highlighted by huge bookings beat. Deutsche Bank said that top and bottom-line beats with bookings coming in well above DB estimates. “System sales were up +20%, with international markets showing signs of bookings recovery. FY11 guidance raised from $3.55 (ex FAS-123) to $3.58 at the midpoint, on the back of revenue of $2.07-$2.12 Bn, up from $2.05-$2.10 Bn. While we believe CERN is well positioned to benefit from HITECH Act, a fair risk/reward balance at current levels causes us to reiterate our Hold rating; PT up to $116.00.” Cerner closed yesterday at $112.09.