Oppenheimer Reports In-Line 1Q Results For Lincare Holdings

According to Oppenheimer, Lincare Holdings LNCR reported 1Q11 EPS of $0.49, in line with estimate and consensus. Oppenheimer reported that results were generally in line, as a slightly lower tax rate (+$0.01) and share count offset some margin pressure. “During the quarter, the company acquired a specialty pharmacy business ($82M annual revenues), which contributed approximately $9M in revenues in 1Q11. We have consequently tweaked our model for the acquisition, and while our FY2011 EPS estimate is unchanged at $2.10, we are increasing our FY2012 estimate from $2.36 to $2.38. Furthermore, we are increasing our price target to $29 from $28.” Lincare Holdings closed yesterday at $30.76.