In a report published Monday, Oppenheimer analyst Michael Wiederhorn initiated coverage on Envision Healthcare Holdings EVHC with an Outperform rating and $33.00 price target.
In the report, Oppenheimer noted, “We are initiating coverage of Envision Healthcare with an Outperform rating and a $33 price target, or 18% upside from current levels. In our view, Envision is the premier operator in two highly fragmented industries through its two subsidiaries: EmCare in the hospital-based physician outsourcing business and American Medical Response (AMR) in the emergency transport market. Overall, this is a compelling growth story, with favorable pricing power, a promising M&A opportunity, significant upside from its new Evolution Health business and a proven management team. Furthermore, with ~20% of volumes from self-pay sources, Envision is uniquely positioned to benefit from the Affordable Care Act's coverage benefits between 2014 and 2016.”
Envision Healthcare Holdings closed on Friday at $26.84.
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