Leerink Swann Downgrades Tenet Healthcare (THC) to Market Perform; Valuation Not Enough
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Price: $97.86 +3.17%
Rating Summary:
22 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
Rating Summary:
22 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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Leerink Swann downgraded Tenet Healthcare (NYSE: THC) from Outperform to Market Perform with a price target range of $5.50-$6.50 from $6-7.
Leerink analyst says, "THC shares have recovered 43% since hitting their early October lows, and although the shares continue to trade at a low valuation, we believe there are more attractive opportunities available within our healthcare services coverage, including the hospital group. In recent years, THC has realized significant margin improvement and EBITDA growth, but the market has progressively awarded the stock with ever lower valuation multiples as investor confidence has dropped. Volumes showed some improvement in the most recent quarter, but we suspect that very easy year-ago comps played a role with that and note that the 4Q comp will be more challenging."
For an analyst ratings summary and ratings history on Tenet Healthcare click here. For more ratings news on Tenet Healthcare click here.
Shares of Tenet Healthcare closed at $5.07 yesterday.
Leerink analyst says, "THC shares have recovered 43% since hitting their early October lows, and although the shares continue to trade at a low valuation, we believe there are more attractive opportunities available within our healthcare services coverage, including the hospital group. In recent years, THC has realized significant margin improvement and EBITDA growth, but the market has progressively awarded the stock with ever lower valuation multiples as investor confidence has dropped. Volumes showed some improvement in the most recent quarter, but we suspect that very easy year-ago comps played a role with that and note that the 4Q comp will be more challenging."
For an analyst ratings summary and ratings history on Tenet Healthcare click here. For more ratings news on Tenet Healthcare click here.
Shares of Tenet Healthcare closed at $5.07 yesterday.
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