- Baird was quick to upgrade the group purchasing organization Premier, Inc. ( NASDAQ: PINC ) to Outperform from Neutral on Wednesday, soon after the company reported lower-than-expected results for Q1 fiscal 2023 sending its shares 8% lower.
- While the company’s topline contracted for the fourth consecutive quarter, the analysts led by Eric Coldwell expect a sharp turnaround from this quarter.
- “Many stocks with “disappointing” quarters are rebounding sharply after initial response,” the team wrote with a $41 per share target.
- The selloff highlights a compelling “contrarian entry point on a low-priced stock with a favorable risk/reward profile,” the analysts added, noting that the average price target on the stock implies ~29% upside even as more than 60% ratings on PINC on Wall Street are Neutral/Sell.
For further details see:
Premier raised to Outperform at Baird despite Q1 earnings miss