Jefferies Cuts Price Target on US Physical Therapy (USPH) to $60
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Jefferies maintained a Hold rating on U.S. Physical Therapy (NYSE: USPH), and cut the price target to $60.00 (from $65.00), following the company's 3Q earnings report and conference call. Management stated that visits per facility have re-accelerated to more normalized levels in October and Jefferies believes that the company should be set up well in 2H17 as comps ease.
Analyst Brian Tanquilut commented, "We are maintaining our Hold rating on USPH given our view that the stock's valuation at 12x FY17 EBITDA and >2x PE/G ratio is excessive, particularly given the company's decelerating growth. That said, we believe downside is fairly modest as the company's 1.2% dividend yield and potential contributions from anticipated M&A will likely provide a strong backstop to USPH shares."
Shares of U.S. Physical Therapy closed at $55.50 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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