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  "docSlug": "97e66c73c118",
  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "pageNumber": 79,
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  "notes": "The slide highlights a disconnect between analyst qualitative commentary and their quantitative price targets.",
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      "text": "Sell-side analysts are not exceedingly bullish on the stock: several analysts do, in fact, voice concerns regarding the sustainability of Hill-Rom’s sales growth, in addition to frustration with management’s frequent re-basing of core sales growth (\"core fatigue,\" as it’s amusingly called on earnings calls).",
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      "text": "Price Target: $114",
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      "text": "Sell-side analysts are not exceedingly bullish on the stock: several analysts do, in fact, voice concerns regarding the sustainability of Hill-Rom's sales growth, in addition to frustration with management's frequent re-basing of core sales growth (\"core fatigue,\" as it's amusingly called on earnings calls). They nonetheless see ~13% upside in HRC shares as they naively project continued sales growth and margin expansion through the coming years at rates similar to what the Company has shown through the recent past. We believe that, as demonstrated throughout this report, a closer look at the trajectory of Hill-Rom's sales growth and margin expansion suggests that both are likely to decelerate in the coming quarters and years.",
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      "text": "1. Based on $100.50 share price",
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      "text": "HRC: Consensus Price Targets table showing Firm, Rating, and Price Target for 8 analysts plus average and upside.",
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      "text": "Sell-Side Estimates And Price Targets Should Better Reflect Lukewarm Qualitative Outlook",
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