Select Medical Holdings (SEM) PT Lowered to $17 at Mizuho

Mizuho analyst Ann Hynes lowered the price target on Select Medical Holdings (NYSE: SEM) to $17.00 (from $18.00) while maintaining a Outperform rating.

The analyst commented: "We are lowering our price target to $17 (from $18) and lowering our 2025E-2027E estimates after SEM reported Q3:25 earnings. The company's inpatient rehabilitation (IRF) segment was a highlight while the critical illness recovery hospital (LTCH) segment saw good results due to a delay in the 20% transmittal rule. In contrast, the outpatient rehabilitation segment saw unexpected pressure due to payer mix changes. While we expect the LTCH segment to remain pressured, over time we believe hospital operators should adjust better to the higher Medicare-outlier environment and the IRF segment should continue to drive growth. We maintain our Outperform rating."

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