Bank of America Maintains Buy Rating and $35 PT on HMS Holdings

A report from Bank of America reiterates its Buy rating and $35 price target on HMS Holdings Corp.

. The report states, “HMSY continues to leverage competitive advantages in its core third party liability (

) business to cross sell new services. First, New Jersey finalized a TPL contract extension through December 31, 2012 without bothering to issue a competitive RFP. This is noteworthy as New Jersey accounts for 5.3% of total revenues (before HDI M&A).” HMSY closed yesterday at $30.33.