Cross Country Healthcare price target lowered to $15 from $17 at Truist

Truist lowered the firm’s price target on Cross Country Healthcare (CCRN) to $15 from $17 and keeps a Hold rating on the shares as part of a broader research note on Healthcare Staffing names. Conversations with private staffing firms indicate that while Travel Nursing demand is showing signs of a bottom, nothing definitive yet signals that the trough has been reached, the analyst tells investors in a research note. Truist further cites industry sources state that the industry remains oversupplied with recruiter capacity, which has continued to put downwards pressure on gross margins, while hospitals remain focused on reducing temp labor expense, which is pushing orders at bill rates insufficient to draw supply off the sidelines.