Piper Jaffray Maintains Overweight on Cerner Corp. (CERN)

Piper Jaffray is out with its report today on Cerner Corp. CERN, maintaining Overweight and a $108 PT. In a note to clients, Piper Jaffray writes, "Cerner decisively beat the bookings by $116m, with a slight miss on revenues and a $0.03 beat on EPS. Q111 and FY11 guidance is in-line with consensus. We would have expected such a strong bookings qtr to contribute more meaningfully to FY11 upside. Alas, a portion of the upside was derived from ITWorks and RevWorks contracts that will take longer to convert into revenue. At $100 per share and 28x earnings, the bar is raised on what constitutes a beat. We maintain our Overweight rating and $108 PT, given our belief that most of the stimulus benefit is yet to come, and would aggressively buy the stock at $95 or below." Shares of CERN are trading pre-market at $100.70, up 0.07% from Tuesday's close.