UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Almost Family

In a report published Wednesday, Piper Jaffray & Co. reiterated its Neutral rating on Almost Family AFAM, but slightly lowered its price target from $23.00 to $22.00. Piper Jaffray noted, “AFAM reported in-line EPS on slightly lower revenues. On Nov. 2nd, the company was informed by the SEC that it had concluded its investigation and will not recommend enforcement action, which we view positively as the decision removes an overhang. Visiting Nurse (VN) admissions continue to be weak as total admissions increased 1.6% y/y, while Medicare admissions decreased 2.5% y/y and Medicare recertifications decreased 2.3% y/y. While we are encouraged about the conclusion of the SEC investigation, potential reimbursement headwinds and the uncertainty of rebasing in 2014 keep us on the sidelines. Maintain Neutral rating and tweaking our PT to $22 from $23, based on 12x our revised FY13 EPS estimate of $1.84.” Almost Family closed on Tuesday at $21.06.