Barrington analyst Kevin Steinke has maintained their neutral stance on CCRN stock, giving a Hold rating yesterday.
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Kevin Steinke has given his Hold rating due to a combination of factors surrounding the recent developments with Cross Country Healthcare. The termination of the merger agreement with Aya Healthcare, primarily due to concerns about a potential challenge from the U.S. Federal Trade Commission (FTC), has introduced uncertainty into the company’s strategic direction. Aya Healthcare, being a major player in the industry, decided to withdraw from the merger, citing the significant competitive concerns raised by the FTC, which could have impacted the competitive landscape adversely.
The FTC’s concerns highlighted the risk of reduced competition in the healthcare staffing market, which could have led to higher costs for hospitals and patients. Despite Cross Country’s efforts to comply with regulatory requirements and extend the merger agreement timeline, the inability to finalize the merger has left the company to continue operating independently. This situation has led to a cautious outlook, resulting in a Hold rating as the company navigates these challenges and seeks to stabilize its market position.
In another report released yesterday, UBS also maintained a Hold rating on the stock with a $9.00 price target.