Zacks Investment Research downgraded shares of Hanger, Inc. (HGR) from NEUTRAL to UNDERPERFORM on September 24, 2014, with a target price of $19.00.
Hanger posted first-quarter adjusted EPS of $0.19, down 29.6% from the year-ago EPS of $0.27. Earnings also lagged the Zacks Consensus Estimate by $0.04. Revenues grew 2.7% to $235.6 million, but missed the Zacks Consensus Estimate of $242 million. We are disappointed with Hanger's top and bottom-line miss as well as its downward revised outlook for 2014. However, we note the company's ability to enhance its top line by way of acquisitions amid macroeconomic headwinds like reimbursement uncertainties. Considering the overall situation, we have downgraded our recommendation to Underperform from Neutral and set a price target of $19.00.
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