HCA Holdings (HCA) PT Lowered to $82 at Piper Jaffray Following 3Q
Piper Jaffray lowered its price target on HCA Holdings (NYSE: HCA) to $82.00 (from $86.00) while maintaining a Overweight rating following the company's 3Q earnings report. HCA reported 3Q17 results in-line with the disappointing preannouncement driven by the strong hurricane season, weaker volumes and higher expense ratios.
Management called out the improved performance of the Houston and Miami regions so far in 4Q17 with no suggestions of permanent issues as a result of the Hurricanes. Houston in particular is tracking better than last year, which Piper Jaffray views as a positive indicator given the level of devastation and flooding in Houston from Hurricane Harvey and given their recent acquisition of 3 Houston hospitals from THC.