Overview
Citizens has reaffirmed its Market Outperform rating on Cross Country Healthcare Inc. (NASDAQ: CCRN), keeping a price target of $11.00, which represents about a 36% potential upside compared with the prevailing share price of $8.08. The decision was maintained by analyst Constantine Davides in the run-up to the company's fourth-quarter results, scheduled to be released in 15 days on March 4.
Valuation and fair value signals
According to InvestingPro data cited by the firm, the stock appears to trade below its Fair Value assessment. Citizens’ internal valuation model uses an 8x multiple on 2026 EBITDA to underpin its target. The firm noted that the company recently traded at about 6.4x next-twelve-months (NTM) EBITDA, a figure the analysts highlighted when describing the stock’s discount valuation.
Balance sheet and liquidity
Citizens emphasized Cross Country Healthcare’s balance sheet strength as a principal supporting factor for the rating. The company carries no debt and, following the termination of the Aya merger, holds roughly $120 million in pro forma cash. This liquidity posture is reinforced by InvestingPro data showing a current ratio of 3.45, indicating current assets materially exceed short-term obligations.
Corporate leadership and corporate profile
The firm singled out recent leadership changes as noteworthy. Kevin C. Clark, chairman and co-founder, has been appointed president and chief executive officer. He succeeds John A. Martins, who has stepped down, undergone separation from the company, and resigned from the board of directors. Citizens also referenced the company’s diversified customer base and the flexibility it affords in capital deployment decisions as contributors to its positive stance.
Other analyst coverage and company logistics
In addition to Citizens' maintained Market Outperform rating and $11.00 target, UBS has reiterated a Neutral rating with a $9.00 price target. Separately, Cross Country Healthcare announced that its 2026 Annual Meeting of Stockholders will be held virtually on May 11, 2026. The earlier meeting date - more than 30 days advanced relative to the prior year - has produced new deadlines for stockholder proposals and nominations.
Context ahead of earnings
Citizens’ decision to sustain its Market Outperform rating comes ahead of the forthcoming fourth-quarter update, which will be the company’s first business update since its third-quarter results in November. With results due on March 4, investors and analysts are positioned to assess whether underlying operations and the company’s financial position align with the balance-sheet narrative and the valuation multiples noted by Citizens.
Key points
- Citizens reiterates Market Outperform on Cross Country Healthcare (CCRN) with an $11.00 price target, implying roughly 36% upside from $8.08.
- Firm highlights no debt, approximately $120 million in pro forma cash after Aya merger termination, and a current ratio of 3.45 as evidence of liquidity strength.
- Leadership change: Kevin C. Clark named president and CEO, replacing John A. Martins, who stepped down and resigned from the board.
Risks and uncertainties
- Earnings risk - Upcoming fourth-quarter results on March 4 will be the first substantive business update since November and could diverge from current expectations.
- Valuation sensitivity - Citizens’ $11.00 target is premised on an assumed 8x 2026 EBITDA multiple while the company has recently traded at 6.4x NTM EBITDA, exposing the stock to multiple compression or re-rating risks.
- Corporate action timelines - Changes to the annual meeting date have modified deadlines for stockholder proposals and nominations, which could affect governance processes and timing.