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UPDATE: JP Morgan Initiates Vanguard at Neutral on Vanguard Health Systems on Relative Reform Leverage

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JP Morgan initiated coverage on Vanguard Health Systems (NYSE: VHS) with a Neutral rating and a $13 price target.

JP Morgan noted, "We are initiating coverage of VHS with a Neutral rating and a Dec-2013 price target of $13 given that it is underleveraged to the upside from reform and overexposed to the downside. Our JP Morgan Healthcare Reform Model projects a smaller and shorter benefit for VHS from the coverage expansion than others in the group: mid single-digit EBITDA growth in 2014-15, vs. high single / double digits for most peers, before cuts turn the net impact negative for VHS in 2017."

Vanguard Health Systems closed at $11.47 on Monday.

Latest Ratings for VHS

DateFirmActionFromTo
Aug 2013RBC CapitalDowngradesOutperformSector Perform
Jun 2013CitigroupDowngradesBuyNeutral
Jun 2013UBSDowngradesBuyNeutral

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Posted-In: JP MorganAnalyst Color Initiation Intraday Update Analyst Ratings

 

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