UPDATE: Oppenheimer Lowers PT to $27 on Lincare Holdings

A report from Oppenheimer reiterates its Perform rating and lowers its price target from $27 to $32 on Lincare Holdings LNCR. The report states, “ Lincare reported 3Q11 EPS of $0.48, topping our estimate of $0.47 and in line with the Street. The company's $150M share repurchase this quarter reduced shares outstanding by roughly 5%, helping drive the beat relative to our model. Results reflected stronger-than-expected top-line growth (13% y-y, 6% sequentially) driven by Lincare's most active acquisition year since 2003. Meanwhile, margins remained a little softer than expected due to an additional payroll day along with the integration of some of the newer deals. While we are raising our full-year EPS estimates for 2011 and 2012 by a penny, we are lowering our price target to $27 from $32 to reflect market conditions”. LNCR closed yesterday at $21.71.