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UPDATE: Piper Jaffray Cuts PT to $20 on Almost Family after EPS Impacted by Sandy

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Earnings Scheduled For March 7, 2017

Piper Jaffray maintained Almost Family (NASDAQ: AFAM) with a Neutral rating and lowered the price target from $22.00 to $20.00.

Piper Jaffray noted, "Q4 EPS was lower than expected on mostly in-line revenues. Hurricane Sandy negatively impacted EPS by $0.02 as ~25% of AFAM's visiting nurse (VN) operations and 20% of its personal care (PC) operations are in the Northeast. VN admissions remained weak as total admissions increased 1% y/y, while Medicare admissions declined 2.3%, primarily due to changes in Medicare Advantage (MA). Maintain Neutral rating due to slower admissions growth related to MA pressures and lack of visibility due to rebasing in 2014. Lowering our PT to $20 from $22 based on 12x our new FY14 EPS estimate of $1.65."

Almost Family closed at $20.79 on Wednesday.

Latest Ratings for AFAM

DateFirmActionFromTo
Jan 2017Bank of AmericaInitiates Coverage OnNeutral
Nov 2016BairdUpgradesNeutralOutperform
Oct 2016RBC CapitalUpgradesSector PerformOutperform

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