UPDATE: Feltl and Company Raises PT to $121 on DaVita Post Solid Q3

Feltl and Company reiterated its Buy rating on DaVita (NYSE: DVA) and raised its price target from $111 to $121.

Feltl and Company said, "Solid revenue metrics effectively inline with our expectations: Gross revenue increased 12% over prior year to $2,023 million. Non-acquired revenue increased 4.4%; we believe anything between 4%-5% growth is more than respectable given the mature dynamics of the industry. DVA acquired 10 centers and opened 21 centers in the U.S. and 2 centers outside the U.S. Through three quarters DVA has acquired 71 centers and opened 48 in the U.S. While acquiring facilities can ebb and flow we maintain smaller dialysis operators simply are finding the bundle reimbursement environment more challenging, and we expect continued acquisition activity over the next one to two years."

DaVita closed at $111.02 on Friday.