Premier Analysts Lower Their Forecasts After Q4 Results

Premier Inc PINC reported better-than-expected fourth-quarter earnings, while sales missed expectations.

Premier reported fourth-quarter revenue of $340.4 million, missing the consensus of $356.3 million. Adjusted EPS improved 11% to 68 cents, beating the consensus of 66 cents.

As previously disclosed and considering its ongoing strategic review, the company will not provide 2024 guidance. In June, the company planned to divest non-healthcare GPO operations for around $800 million in cash.

Premier shares fell 8.6% to trade at $21.99 on Wednesday.

These analysts made changes to their price targets on Premier following earnings announcement.

• Piper Sandler cut the price target on Premier from $44 to $25. Piper Sandler analyst Jessica Tassan downgraded the stock from Overweight to Neutral.
• Canaccord Genuity lowered the price target on Premier from $38 to $30. Canaccord Genuity analyst Richard Close maintained a Buy rating.
• B of A Securities slashed the price target on Premier from $31 to $26. B of A Securities analyst Michael Cherny maintained an Underperform rating.
• UBS cut the price target on Premier from $29 to $26. UBS analyst Kevin Caliendo maintained a Neutral rating.
• Benchmark lowered the price target on Premier from $37 to $32. Benchmark analyst Bill Sutherland maintained a Buy rating.

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