UPDATE: ISI Group Initiates SXC Health Solutions with Overweight, $114 PT on Leading Technology Platform

ISI Group initiated its coverage on SXC Health Solutions

with a rating of Overweight and a price target of $114. ISI Group said, "We are initiating coverage on shares of Catamaran (SXC Health Solutions) with an Overweight rating and a price target of $114.00, which on a forward basis equates to ~17x EV/EBITDA and ~32x operating EPS. Our thesis for CTRX (SXCI) is based on the use of the leading PBM technology platform to drive market share gains and support further M&A, the expansion of the company's Specialty platform, and an evolution of the company's services platform in order to offer a comprehensive and flexible services platform." SXC Health Solutions closed at $94.97 on Wednesday.