Shares of health-care IT systems provider Cerner (CERN) are trading higher after Jefferies & Co. analyst Richard Close upgraded the stock to Buy from Hold, keeping his $87 target price, asserting that after a recent 20% pullback, the stock is “too attractive to pass up.”
He says that given “an improving purchasing environment,” the sell-off is overdone. “CERN is one of the best positioned to benefit from the stimulus,” he added, noting that the stock trading at a 10% discount to its historical average P/E.
CERN today is up $3.23, or 4.4%, to $76.78.
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