As previously reported, Citizens JMP upgraded Cross Country Healthcare (CCRN) to Outperform from Market Perform with an $11 price target The company announced the termination of its merger agreement with Aya Healthcare, which triggers a $20M termination fee payable to Cross Country, the analyst tells investors in a research note. The firm likes the stock’s risk/reward below $8. The stock in afternoon trading is down 20% to $7.54. Cross Country is a play on a potential secular rebound “with some company-specific kickers,” contends Citizens. The firm believes the healthcare staffing industry is beginning to show some early signs of stabilization. Meanwhile, Cross Country’s “clean” balance sheet and free cash flow generation could bring potential upside from accretive acquisitions and share buybacks, Citizens adds.
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Read More on CCRN:
- Cross Country Healthcare: Hold Rating Amid Acquisition Termination and Uncertain Financial Trajectory
- Cross Country Healthcare price target lowered to $8.65 from $12.29 at Jefferies
- Cross Country upgraded to Outperform from Market Perform at Citizens JMP
- Cross Country Healthcare: Navigating Post-Acquisition Challenges with Financial Stability and Growth Potential
- Cross Country Healthcare Ends Merger with Aya Holdings