NEW YORK (AP) ¿ Shares of Amicas Inc. have doubled in value this year, and a Raymond James analyst believes the stock could climb further as sales improve and the company integrates a recent acquisition.
The company makes radiology, medical-imaging and information-management products, and analyst Alexander Draper said new sales tactics are boosting its results, including 73 percent sales growth in the second quarter. Amicas' purchase of hospital technology company Emageon Inc. will lead to further improvement in sales, he said.
Draper raised his rating to "Outperform" from "Market Perform," and in midday trading, shares of the Boston-based company added 16 cents, or 4.7 percent, to $3.55. Earlier the stock set an annual high of $3.64.
The analyst established a price target of $5 per share, saying the stock could reach that level the next six to 12 months. Amicas shares last traded at $5 at the end of February 2006.