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WR Hambrecht Starts Neoforma at Strong Buy

WR Hambrecht initiated coverage of Neoforma (NEOF), a healthcare supply chain solutions company, with a strong buy rating and a $22 price target.

Analyst Sean Wieland says the strong buy rating reflects the company's growth prospects, scalable business model, discounted relative valuation. He believes positive EBITDA is just around the corner, which should once again place Neoforma on the radar screen of institutional investors who are seeking high earnings growth at reasonable valuation. Wieland says that with customers and infrastructure in place -- and expense reduction initiatives behind the company -- he thinks Neoforma is ready to return to the investor spotlight. He sees $0.27 2002 EPS on revenue of $71.1M and $0.90 2003 EPS on revenue of $97.5M.

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