UPDATE: Dawson James Downgrades Mednax to Neutral on Valuation

Dawson James downgraded Mednax

from Buy to Neutral and removed the price target of $80.00. Dawson James noted, "Mednax' shares currently trade on par or at a premium to our industry group in terms of price/earnings valuation multiples (based on 2012A and 2013E) and multiple of price/revenues for 2013E, although at a discount related to multiple of book value, perhaps due to the large amount of goodwill and other intangibles on Mednax' most recent balance sheet. Thus, we are lowering our rating on MD shares to Neutral from Buy due to the valuation metrics... due to the declining operating margins." Mednax closed at $86.70 on Monday.