UPDATE: JP Morgan Initiates Tenet Healthcare at Overweight on Share Buyback, Reform Leverage
JP Morgan initiated coverage on Tenet Healthcare (NYSE: THC) with an Overweight rating and a $41 price target.
JP Morgan noted, "While THC stock has performed well of late, we continue to see potential for upside given a combination of strong relative upside from reform in addition to company specific drivers such as accelerating share repurchases, NOL position and Conifer strategy. Our JP Morgan Healthcare Reform Model projects THC is set to see ~10% EBITDA growth, leaving the company behind only LPNT & HCA in terms of reform upside potential in our hospital coverage universe.
Tenet Healthcare closed at $31.18 on Monday.
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