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Goldman Sachs Lowers PT on Magellan Health Services to $47

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Goldman Sachs has published a research report on Magellan Health Services (NASDAQ: MGLN) and has lowered the price target from $48 to $47.

In the report, Goldman Sachs writes, "MGLN reported 3Q2011 earnings. Revenues of $686.8 mn were below our estimate of $707.1 mn and consensus of $696.7 mn. EBITDA of $55.5 mn was above our estimate of $54.3 mn and below consensus of $60.5 mn. GAAP EPS of $1.03 was above our estimate of $0.69 and consensus of $0.84. However, we estimate that a one-time tax benefit added $0.32 in EPS, implying a more comparable non-GAAP 3Q EPS of $0.71 (based on a normalized tax rate of 40%)."

Goldman Sachs maintains its Sell rating on Magellan Health Services, which is currently trading down $0.08 from Friday's $51.79 closing price.

Posted-In: Goldman SachsAnalyst Color Earnings News Price Target Analyst Ratings

 

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