UPDATE: Mizuho Securities Reiterates Neutral on Quorum Health (QHC) After Conversation with Management
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(Updated - August 24, 2016 9:55 AM EDT)
(Update corrects headline and body to indicate a phone conversation with management, not a meeting.)
Mizuho Securities reiterated a Neutral rating and $5.75 price target on Quorum Health (NYSE: QHC) after a phone conversation with management. The company confirmed that no tax would be due on asset sales.
Analyst Sheryl Skolnick commented, "Based on our Friday conversation with management in which we confirmed that no tax would be due on asset sales, we revised our waterfall analysis: We now require even more reasonable (lower) multiples to generate enough proceeds to make the Sr Notes 100% covered and to generate our MSUSA Likely case. Moreover, we confirmed that management understands it must sell the 8 (definitive agreement by November 1 for 4) AND make its guide, but we now have a bit more confidence in the guide itself. New likely equity value is $5.82, PT still $5.75."
Shares of Quorum Health closed at $6.26 yesterday.
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