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Deutsche Bank Upgrades WebMD to 'Buy'

Deutsche Bank upgraded WebMD (HLTH) to buy from hold.

Analyst Alexander Draper says the recent drop in the share price affords investors an attractive entry point, and compensates for the increased risk from the Department of Justice investigation. He notes since the announcement of the investigation, WebMD's shares have dropped 13%. He thinks the primary risk from the probe is headline in nature, and is already priced in the stock.

Draper says while the investigation is likely to be a distraction for a few months, he believes improving fundamentals in 2004 will ultimately be the driver of value and the stock price. He sees 10 cents 2003 earnings per share, and 35 cents earnings per share in 2004. He raised his target to $12.

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