Deutsche Bank Introduces Its 2012 Estimates on NovaMed (NOVA)

Deutsche Bank is introducing its 2012 estimates on NovaMed NOVA. In a note to clients, Deutsche Bank writes, "We are revising our price target up based on a more positive volume and procedure outlook relative to 2010. While NOVA's current valuation seems attractive from a free cash flow perspective, we maintain our Hold rating due to saturation of the ASC market and concerns over the company's limited organic growth opportunity longer-term. We publish 2012 EBITDA of $29.6M (+12% Y/Y) and EPS of $1.27. Our target is $13.50 ($11 prior) and reflects 7x 2012 EV/EBITDA." NOVA is trading at $12.62, down 0.79% from Friday's close.