HCA Healthcare Inc (HCA) PT Lowered to $413 at Bernstein SocGen Amid Policy Risks

Bernstein SocGen Group analyst Lance Wilkes lowered the price target on HCA Healthcare Inc (NYSE: HCA) to $413.00 (from $503.00) while maintaining a Market Perform rating.

The analyst commented: "Lowering PT as policy risks and slowing EBITDA growth lower target multiple; We are lowering our PT on HCA to $413 and remain Market-Perform. We see HCA as much more attractive at its current price and valuation levels, but do not expect a near term catalyst to improve the outlook. We see EBITDA growth to be moderate in 26 and 27 at 2.8% and 4.6% respectively driven by lower insurance coverage due to policy changes and a lack of growth in state directed payments. We see organic growth resuming at the high end of traditional guidance (6%) starting in 2028, as headwinds to insurance enrollment are fully implemented, allowing for a resumption of traditional growth. We are lowering our EV/ EBITDA multiple to 8x to reflect the slower growth algorithm, diminished near term upside, and balanced long term risks and opportunities."

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