Davenport Downgrades Healthcare Services Group (HCSG) to Neutral
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Davenport downgrades Healthcare Services Group Inc. (NASDAQ: HCSG) to Neutral.
Davenport analyst says, "We are downgrading shares of HCSG to neutral on concerns that the company may face further client bankruptcies and a difficult selling environment as fiscal uncertainty lingers. HCSG provides housekeeping and/or food services to over 2,000 long-term care facilities across the United States. These facilities, which include nursing homes and retirement centers, are heavily reliant on state funded Medicaid payments, which on average account for 40% to 50% of facility revenue...In our view we could see significant multiple contraction if HCSG fails to show positive organic revenue growth momentum when the company reports Q4 earnings (likely early next week). As such we would prefer to move to the sidelines and wait for more clarity surrounding client stability, Medicaid funding, and the company’s ability to sell outsourcing services in a difficult macroeconomic environment."
Healthcare Services Group, Inc. provides housekeeping, laundry, linen, facility maintenance and food services to the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States.
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