business

W.R. Hambrecht Upgrades Neoforma

Analyst Sean Wieland raised the healthcare supply chain solutions company from buy to strong buy

Shares of Neoforma (NEOF ), a healthcare supply chain solutions company, were higher after W.R. Hambrecht upgraded the stock to strong buy from buy.

Analyst Sean Wieland says the upgrade is valuation call and notes the stock trading at 43% discount compared to its peer group. His price target for the stock is $33. He also notes the stock's 37% selloff over the past week has been unwarranted. He says the fundamentals are as solid as ever, and reiterates confidence in the management's ability to deliver strong 4Q results. He adds the stock decline is likely due to profit-taking after stock's outstanding performance over past 6 weeks. Wieland sees $0.14 4Q loss, and $0.33 2003 EPS.

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