Surgery Partners (SGRY) PT Lowered to $24 at BofA Securities

BofA Securities analyst Joanna Gajuk lowered the price target on Surgery Partners (NASDAQ: SGRY) to $24.00 (from $28.00) while maintaining a Buy rating.

The analyst comments "SGRY cut its Q4 guide to reflect a delay in acquisitions (60% of cut) and cautious outlook for commercial mix / volumes. The deal pipeline remains full and the company expects to return to its typical acquisition spending. In positive, the company remains focused on improving leverage and free cash flows through selective divestitures of some surgical hospitals. We lower our estimates and lower PO to $24 from $28 on the lower est and lower multiple given the mix pressures (10.8x 2026E EBITDA less NCI, was 11.7x). We reiterate our Buy rating on the long-term tailwinds for Ambulatory Surgery Centers (ASCs) while the stock is trading at a depressed multiple (9x 2026E EBITDA)."

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