Wachovia Resumes Coverage on LifePoint Hospitals (LPNT) with an Outperform; Attractive Valuation Despite Risks
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Wachovia resumes coverage on LifePoint Hospitals (Nasdaq: LPNT) with an Outperform. Valuation Range: $31 to $35
Wachovia analyst says, "We believe that LifePoint's current valuation at about 5.5x our 2010 EBITDA estimate and an 8.7% free cash flow yield on our 2009 estimate makes the shares a compelling value despite substantial industry risks associated with rising unemployment and the potential for healthcare reform. Lower labor expense, reduced turnover, and better physician recruitment, due to the weak economy should continue to be favorable for the company in 2009. Additionally, the company has a comparatively low leverage ratio vs. some of its peers."
LifePoint Hospitals, Inc. (LifePoint), acting through its subsidiaries, operates general acute care hospitals in non-urban communities in the United States.
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