Cross Country Healthcare price target lowered to $21 from $24 at Benchmark

Benchmark analyst Bill Sutherland lowered the firm’s price target on Cross Country Healthcare to $21 from $24 and keeps a Buy rating on the shares after the company reported an in line Q4 and guided Q1 below consensus. However, with most providers indicating that they are at or near their targeted level of contingent labor, combined with surging medical utilization reported by payers and providers since Q4, the demand picture for Travelers could normalize quickly, says the analyst, who also thinks Cross Country is “well-positioned independent of the market backdrop.”