Raising AMN Healthcare's Fair Value Estimate Following Spike in Labor Disruption

Healthcare utilization is expected to increase at a solid clip over the coming decades, and the pipeline of healthcare professionals is not expected to keep pace, especially in light of the COVID-19 pandemic. This combination of factors should serve as a strong foundation for AMN Healthcare over the next several years. We believe baseline demand will steadily rise for the firm's core service--providing temporary and permanent labor for healthcare providers--over an extended period. Growth in healthcare services has historically remained relatively strong, even during economic downturns, and we expect this dynamic to continue over the foreseeable future. Given AMN Healthcare's major presence in this industry, its opportunity to leverage this dynamic is robust.