Goldman Sachs upgrades WebMD to Neutral

Goldman Sachs upgrades WebMD (WBMD) from Sell to Neutral with a price target of $36.00 (from $28.00).

"While we continue to be concerned about near term declines on desktop and risk associated with the transition to mobile, we raise our estimates to reflect revenue and gross margin improvements from mobile monetization as well as increased leverage in marketing and G&A expenses," analyst Heath Terry states. "We also adjust our estimates for the recently concluded convertible debt offering."

The firm raises FY 2014 EPS from $0.48 to $0.77 and FY 2015 EPS from $0.52 to $0.96.

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