NXGN - NextGen Healthcare price target increased at Cantor after quarterly beat

Cantor Fitzgerald has lifted the price target of NextGen Healthcare (NXGN +7.7%) after the company reported better-than-expected revenue and adj. earnings for Q2 fiscal 2022. Maintaining the Overweight rating on the stock, the analyst Steven Halper points to its undervaluation despite the prospects and strong cash flow generation of the company. The analyst views the company’s newly announced share buyback program valued at $60M noting that it “generates strong free cash flow, which we believe is underappreciated by investors.” While revenue at NextGen (NASDAQ:NXGN) rose ~7% YoY to $140.0M, net loss per share on a diluted and GAAP basis dropped ~38% YoY to $0.10. However, the cash and equivalents increased by ~$3.0M for the past six months ending Sept. 30, compared to an outflow of $31.5M in the corresponding period last year. The solid free cash flow and a strong balance sheet give NextGen (NXGN) “ample flexibility to pursue acquisitions or other capital

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NextGen Healthcare price target increased at Cantor after quarterly beat