UPDATE: Bank of America Upgrades Community Health Systems to Buy on Clarity, Risk Reduced

Bank of America upgraded Community Health Systems, Inc.

from Neutral to Buy and raised the price target from $35.00 to $45.00. Bank of America noted, "We are upgrading CYH to Buy from Neutral and raising our PO to $45 from $35 to reflect our positive view on the group as well as our belief that the risk of the investigation impact on CYH's ongoing business is reflected in the numbers. We believe hospitals will outperform in 2013, as consensus starts to build in Reform upside and investors gain more clarity on rates, resulting in a higher multiple on rising ests – our Bull Case scenario could see CYH double." Community Health Systems closed at $33.02 on Thursday.