Deutsche Bank Downgrades Mednax (MD) to Hold; Pace of M&A Not Helping Multiple

Deutsche Bank downgraded Mednax (NYSE: MD) from Buy to Hold, price target lowered from $81 to $73.

Deutsche analyst said, "Our Upgrade last Oct was predicated on growth in the core business stabilizing in the 3% to 3.5% range, and much greater potential earnings upside / multiple expansion from an accelerating M&A trend. We acknowledge that it is still early in MD's anesthesia M&A trajectory. Yet, we fear the co's slower pace of deals, coupled with a change in the co's margin profile due to the mix of acquired businesses, will lead to less multiple expansion than originally thought."

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

Shares of Mednax closed at $67.20 yesterday.

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