UPDATE: RBC Capital Markets Downgrades LHC Group Ahead of Medicare Home Health Rebasing

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In a report published Monday, RBC Capital Markets analyst Frank G. Morgan downgraded the rating on

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LHC Group

(NASDAQ: LHCG) from Sector Perform to Underperform, and lowered the price target from $20.00 to $17.00.In the report, RBC Capital Markets noted, “We do not believe the market is adequately pricing in Home Health earnings downside from the forthcoming rebasing, and we are lowering our outlook for the segment. Note that Home Health stocks are up an average 11.5% since immediately prior to the proposed rule release, including LHCG up 0.8%.”LHC Group closed on Friday at $22.71.