Deutsche Bank Upgrades Tenet Healthcare (THC) to Buy
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Deutsche Bank upgrades Tenet Healthcare (NYSE: THC) from Hold to Buy and raises its price target from $7 to $8.50.
The firm said, "We continue to use 7.6x EV/EBITDA to value ops, but our revised valuation now takes into account THC's significant NOL value. This rating change reflects renewed confidence in THC's ability to: (1) exceed expectations over the next 12 months; and (2) substantially reduce its net debt (to $3.7 bln) by year-end through various cash initiatives. In turn, lower D&A and net interest expense increases the certainty for positive net income -- meaning the NOL value takes on new meaning."
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