AMN Healthcare raised to Neutral at UBS

AMN Healthcare Services (AHS +9.8%) gets a big boost from an upgrade to Neutral from Sell at UBS. The firm also raises its price target to $16 from $9.

UBS says that despite an uneven turn around in the medical staffing sector, the company has continued to post solid numbers.

Additionally, problems at its largest competitor, Cross Country Healthcare (CCRN), have created an opportunity for AHS to gain market share.

The new $16 target is based on a multiple of roughly 20x UBS' 2014 EPS estimate, reflecting increased confidence AHS will continue to meet targets despite a challenging macro backdrop.

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