UPDATE - Auriga Initiates Coverage on Community Health Systems (CYH); Bid for Tenet (THC), then HHS Investigation and Tenet Lawsuit

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July 22, 2011 8:11 AM EDT
Get Alerts CYH Hot Sheet
Price: $3.01 +1.01%

Rating Summary:
    6 Buy, 15 Hold, 7 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 5 | New: 26
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UPDATE - Auriga initiates coverage on Community Health Systems (NYSE: CYH) with a Hold. PT $26.

Auriga analyst said, "CYH shares plunged over 35% to $25.89 on April 11, when Tenet Healthcare (NYSE: THC)(Not Rated) filed a lawsuit alleging the company converted more ER patients to inpatient admissions status than appropriate and thus overbilled Medicare and Medicaid. Our price target is the mid-point of what we believe is a trading range of $24-$28. Until we have a better handle on the progress and the timeline of investigations, as well as the possible settlement amount, we cannot recommend investing in CYH."

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