Zacks Investment Research upgraded shares of BioScrip, Inc. (BIOS) from UNDERPERFORM to NEUTRAL on November 18, 2013, with a target price of $6.25.
BioScrip's third-quarter adjusted earnings of $0.01 remained in line with the Zacks Consensus Estimate but down from the year-ago earnings of $0.02. However, revenues were up 23% to $208.8, ahead of the Zacks Consensus Estimate of $205 million. PBM business witnessed another quarter of downfall. However, BioScrip continues to remain the third largest home infusion services provider. We are encouraged by the company's expansion plan through acquisition which includes the recently added CarePoint. In addition, we remain hopeful about the favorable industry trends across the U.S. which should boost the company's growth momentum. However, looming reimbursement pressure and margin headwinds are growing worries. The competitive landscape is also tough with the presence of larger players. We, thus, remain Neutral on BioScrip.
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