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Hanger Orthopedic Group (HGR)

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We upgrade our recommendation on Hanger Orthopedic Group (HGR) to Outperform based on our assessment of the company's forecast-beating fourth-quarter fiscal 2010 results and increased visibility on its business prospects.

Earnings for the quarter topped the Zacks Consensus Estimate. Healthy contributions from the company's patient-care and distribution businesses as well as acquisitions fueled double-digit growth in the top line. Hanger is the leader in the orthotic and prosthetic (O&P) patient care services market and is enjoying healthy demand for its services. The company's economies of scale are unmatched by its competitors.

Hanger continues to pursue acquisitions to expand its geographic presence and revenues. Moreover, the company is poised to achieve meaningful cost synergies from its corporate relocation.

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