Piper Jaffray analyst Kevin Ellich lowered his price target on DaVita (NYSE: DVA) to $90.00 (from $92.00) but maintained an Overweight rating.

Ellich commented, "While Q3 results beat Street estimates and HCP's operating income improved, DVA faces a number of potential headwinds that could reduce HCP's operating income in 2016. Normalized dialysis non-acquired treatment growth of 3.5% was lower than expected and continues to be affected by delays in dialysis clinic certifications, primarily in California. We believe this issue could linger as DVA expects non-acquired treatment growth at the low end of the 3% to 4.5% range. FY15 operating income guidance was narrowed and DVA continues to deploy capital on acquisitions and share repurchases. Maintain Overweight rating and lowering PT to $90."

The firm bumped FY 2015 EPS from $3.72 to $3.77 and trimmed FY 2016 EPS from $4.30 to $4.18.

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Shares of DaVita closed at $77.60 yesterday.