Cerner (CERN) soared to the top of the S&P 500 today after the health care information technology company reported better-than-expected earnings and revenue.
Cerner gained 7.8% to $64.75 at 5:03 p.m. today, while the S&P 500 declined 0.2% to 2,384.20.
Canaccord Genuity’s Richard Close and Brian Hoffman contend Cerner may be “rediscovered its mojo.” They explain:
We reiterate our BUY rating and raise our PT to $66 (was $59) as the company finally
appears to have provided quarterly and annual targets that it can meet. Possibly more important, analyst expectations sit near the mid-point of guidance, portending upside potential. The outlook appears solid as the company (1) rebuilds a track record of delivering on expectations, (2) reaffirmed confidence in 2017 bookings growth, and (3) has a strengthened pipeline for ITWorks and revenue cycle. CERN may have rediscovered its mojo.
Cerner’s market capitalization rose to $21.4 billion today from $19.8 billion yesterday.
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