UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on Air Methods Corporation

In a report published Monday, Oppenheimer Holdings reiterated its Outperform rating on Air Methods Corporation AIRM, and raised its price target from $120.00 to $130.00. Oppenheimer noted, “We attended meetings with AIRM and continue to believe the story is highly compelling, due to both top-line drivers (CYH relationship upside, pricing power, expansion opportunities, new bases, potential non-core expansions) and cost opportunities (lease buyouts, synergies from Omniflight). Furthermore, management is in discussions with 17 hospitals about converting from HBS to CBS, and is also talking to other large hospital companies about preferred provider agreements, both of which could be significant sources of earnings growth. As a result of this favorable outlook and the reduced risks around the story, we are raising our price target to $130 from $120. We reiterate our Outperform rating and would continue to be buyers.” Air Methods Corporation closed on Friday at $113.48.