Mizuho Securities Downgrades Community Health (CYH) to Underperform
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Mizuho Securities downgraded Community Health (NYSE: CYH) from Neutral to Underperform with a price target of $3.00.
Analyst Sheryl Skolnick commented, "Little went right for CYH in 3Q16 as EBITDA collapsed again. What's striking here: volumes weren't so bad, with ss adm down only 2.1% and adj admits down 1.5%. We see no u-turn ahead and think only a change in same, quickly, is likely to help. In the absence of same, and with new EBITDA of $2.1B for '16 (still looks high) and a new $1.9B for next year, even at $3 our 2017E EV/EBITDA is still high at 7.8x. We would sell on the open. Underperform, $3 PT."
Shares of Community Health closed at $10.03 yesterday.
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