Deutsche Bank Downgrades Team Health (TMH) to Hold
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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."
Shares of Team Health closed at $51.96 yesterday.
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