UPDATE: Cantor Fitzgerald Initiates Buy, $12 PT on Vanguard Health Systems

Cantor Fitzgerald initiates a Buy rating and $12 price target on Vanguard Health Systems

on positive outlook in the next two years. Cantor Fitzgerald notes, "Despite the difficult hospital environment and the near-term challenges of ramping up Detroit Medical Center (

), we expect Vanguard to report steadily better results over the next two years and believe that patient investors will be rewarded. Although Vanguard only completed its public offering last June, the company is 15 years old and its management is well known and highly regarded. As the market recovers and the company upgrades DMC, we believe that Vanguard could be among the fastest-growing public hospital companies." VHS closed at $10.16 a share yesterday.