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Fly News Breaks for November 8, 2017
HMSY
Nov 8, 2017 | 14:59 EDT
Baird analyst Matthew Gillmor notes that he recently became aware of an adverse jury verdict against HMS Holdings for $60M, which is related to the previously disclosed AMG earn-out case. While the analyst acknowledges he is disappointed with the outcome, he views this as a relatively modest one-time event and do not believe this will have a material impact on the company's go-forward strategy. Gillmor continues to believe the recent selloff post-Q3 earnings represents an "attractive buying opportunity" for long-term investors and believes his 2018 estimates carry upward bias. The analyst reiterates an Outperform rating and $17 price target on the shares.
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