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First Union Upgrades Priority Health


First Union upgraded Priority Health (PHCC) to strong buy from buy.

Analyst Seth Teich says the company said Q2 EPS would be $0.04-$0.06 below the $0.22 consensus, citing a delay in the introduction of key new products, narrowing gross margins and lower than anticipated interest income.

Teich lowered the $0.91 2001 EPS estimate to $0.70, and lowered the $1.16 estimate to $0.91. However, he upgraded the stock based on his belief that shares represent a compelling investment opportunity at current levels; he thinks the company will be successful in expanding its business into a rapidly growing markets. He has a $33 12-18 month target (down from $40.)


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