Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Piper Jaffray Raises Estimates for Psychiatric Solutions


Psychiatric Solutions (PSYS) increased its 2004 earnings per share guidance from $1.00 to $1.04 to $1.08 to $1.13. Piper Jaffray raised its estimates and price target on the news.

Analyst Darren Lehrich says the company raised its 2004 guidance after closing the Heartland Healthcare deal, which adds 4 facilties to the company's base of inpatient psychiatric hospitals. The company now operates 32 facilties with 3,800 beds.

Lehrich notes that the company earlier had said the deal would be accretive, but EPS accretion was slightly higher than he expected. As such, he ups his $1.04 2004 EPS estimate to $1.08, $1.28 2005 EPS to $1.34, and $26 price target to $27.

He notes, concurrent with the closing of the Heartland deal, Psychiatric Solutions said it amended and increased its revolving credit facility to $125 million from $50 million. He reiterated an outperform rating.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus