Deutsche Bank Downgrades Team Health (TMH) to Hold

June 6, 2014 7:14 AM EDT Send to a Friend
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Price: $58.42 -0.65%

Rating Summary:
    6 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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Deutsche Bank downgraded Team Health (NYSE: TMH) from Buy to Hold with a price target of $53.00 (unchanged).

Analyst Darren Lehrich said, "We are downgrading TMH shares to Hold from Buy, although we maintain our favorable view on the company's L-T outlook and positioning in the physician outsourcing market. At current valuation levels (~11.5x DB's Street-high 2015E adj. EBITDA), we consider the risk-reward to be more in balance in the context of TMH's moderating growth and well-understood ACA upside risks. We acknowledge there could still be some upside risks associated with ACA, but we remind investors that TMH's EV/EBITDA multiple has re-rated 300+ bps since we aggressively emphasized ACA upside risks in mid-2012. A Hold rating now better reflects our views on TMH shares; $53 PT / ests unchanged."

For an analyst ratings summary and ratings history on Team Health click here. For more ratings news on Team Health click here.

Shares of Team Health closed at $51.96 yesterday.



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