UPDATE: Baird Downgrades AdaptHealth (AHCO) to Neutral, After CEO Place On Unpaid Leave

Baird analyst Eric Coldwell downgraded AdaptHealth (NASDAQ: AHCO) from Outperform to Neutral with a price target of $35.00 (from $49.00).

The analyst comments "At a loss for words. Luke McGee, co-CEO, has been criminally charged by Danish authorities for what is known as a Cum-Ex tax fraud scandal. AHCO placed McGee on indefinite leave without pay. While this news is troubling and may unfortunately raise questions beyond the scope of the charges, we take solace in the notion that the situation appears unrelated to the home supply sector, to AHCO operations, and thankfully co-CEO Griggs is already in place."

For an analyst ratings summary and ratings history on AdaptHealth click here. For more ratings news on AdaptHealth click here.

Shares of AdaptHealth closed at $36.99 yesterday.

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