Quipt Home Medical price target lowered to $6 from $8 at Canaccord

Canaccord analyst Richard Close lowered the firm’s price target on Quipt Home Medical to $6 from $8 and keeps a Buy rating on the shares. The firm believes the deeply discounted valuation provides an interesting risk/reward scenario longer term although the quarter did fall short of both consensus estimates. The shortfall appears mainly due to working through the impact of the 75/25 blended rate expiration and patient losses related to the shift to two competitors following last year’s Humana capitation contracts.