Bank of America published a research report on HMS Holdings (NASDAQ: HMSY) reaffirming its Buy rating despite the company's weakness in shares. In the report, Bank of America wrote, "HMSY shares are trading lower on a negative research report that outlines three main investment concerns: 1) the Medicaid coordination of benefits (COB) market is saturated; 2) Medicare recovery audit contract (RAC) revenue is threatened by high provider appeal rates; and 3) the Medicaid RAC revenue opportunity is exaggerated. We believe these concerns are overblown and/or inaccurate and address each below. We affirm our Buy rating on HMSY with a view that growth prospects are robust as it saves government and HMO customers money identifying fraud, waste and abuse in an increasingly complex health care system." Bank of America maintained its price objective of $44.