Addus HomeCare price target raised to $130 from $118 at Oppenheimer

Oppenheimer raised the firm’s price target on Addus HomeCare to $130 from $118 and keeps an Outperform rating on the shares. Management expects a 5.5% Illinois rate increase on January 1, 2025 at normal margins, which translates to $23M in revenues and 25c per share annualized, the analyst tells investors in a research note. Oppenheimer continues to believe that Addus should benefit from an attractive opportunity, especially given the potential M&A opportunity and the recent favorable extension of the “80/20” rule.