UPDATE: Citi Raises PT on AMN Healthcare Services to $9 (AHS)

Citi is out with its report on AMN Healthcare Services AHS, raising its price target from $7 to $9.

In a note to clients, Citi writes, "Excluding a $1.2m bad debt charge and $2m of acquisition integration costs, normalized EBITDA of $10.4m beat our $9.2m est. D&A and interest expense were both slightly higher than our merger-model estimates. Break-even EPS beat our 4c loss estimate on lower GAAP taxes. On a segment basis, nurse/allied and HHA revs were slightly ahead, locums and permanent
placement revs were slightly below. Target price to $9 (from $7)."

Citi maintains Hold on AHS.

Shares of AHS closed Tuesday at $7.24.