UPDATE: Sterne Agee Initiates Buy, $85 Target on Cerner

Sterne Agee initiates its coverage on Cerner

to with a Buy rating and a price target of $85 a share as 2012 is expected to be a year of record bookings for the company. Sterne Agee says, "We expect EPS and revenue to exceed current consensus estimates of $2.27 and $2.5B, respectively. Our 2012 estimates are $2.29 and $2.54B, respectively. In our view, as Cerner goes after more hospital IT spend, the company's business momentum will continue long after the positive tailwinds from the Health Information Technology for Economic and Clinical Health (HITECH) Act." CERN closed at $73.76 a share on Monday.