UPDATE: Oppenheimer Raises PT on Air Methods to $89

A report from Oppenheimer reiterates its Outperform rating, raises its price target ffrom $79 to $89, and raises its FY11/12 EPS estimates from $3.59/$5.02 to $3.65/$5.21 on Air Methods

. The report states, “Reflecting two months of the recently-acquired OmniFlight (OF) transaction, AIRM reported 3Q11 EPS of $1.44, vs. our estimate of $1.34 and consensus of $1.35. The beat looks even more impressive considering results include $0.12 in one-time expenses related to OF and a $0.05 impact due to a higher-than-expected tax rate." AIRM closed yesterday at $76.19.