UPDATE: Bank of America Initiates Coverage on Envision Healthcare on Multiple Positive Factors
In a report published Monday, Bank of America analyst Kevin Fischbeck initiated coverage on Envision Healthcare Holdings (NYSE: EVHC) with a Buy rating and $34.00 price target.
In the report, Bank of America noted, “We are initiating coverage of Envision (EVHC), the largest provider of medical emergency services in the US, with a Buy rating and $34 PO. The defensive characteristics of the business, low- to mid-double-digit organic top line growth excluding Reform, and the fastest EBITDA growth in our coverage universe driven by the Reform benefits warrant a premium multiple vs most names in the sector. Our $34 PO is based on 13.6x our 2014E EBITDA, at a 6% premium to the PO multiple we use for our TMH PO.”
Envision Healthcare Holdings closed on Friday at $26.84.
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