Wachovia Downgrades MedCath Corp. (MDTH) to Market Perform
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Wachovia downgrades MedCath Corp. (NASDAQ: MDTH) from Outperform to Market Perform with a valuation range of $19 to $21.
The firm said, "We believe MDTH shares are fairly valued given the lack of near term visibility following Q2 results, and the unexpected mix shift to lower paying volumes in the quarter. The company highlighted an increase in charity care volume, a decrease in case mix, and a more pronounced shift from inpatient to outpatient (lower paying) volume."
MedCath focuses on the diagnosis and treatment of cardiovascular disease. The company designs, develops, owns, and operates heart hospitals in partnership with cardiologists and cardiovascular surgeons.
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