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One bull still stands for Community Health Systems (NYSE:CYH), even after management’s preview of second-quarter earnings on Wednesday shocked and disappointed most investors.
The news also came just a day after HCA Healthcare Inc (NYSE:HCA) reported a miss for Q2 and EPS guidance for the year below consensus, since which its shares are down over 5.5 percent.
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Oppenheimer’s Michael Wiederhorn reiterated an Outperform rating on the stock, which dropped 15.5 percent on Thursday’s open to $7.15.
“The hospital fundamentals clearly remain challenging ... and we expect more information when they report results on August 1st,” said Wiederhorn.
Community Health expects Q2 adjusted EPS to come in at negative $0.25 and sales of $4.144 billion–4.05 billion, compared to the Street’s positive $0.06 and $4.08 billion estimates.
Revenues at the low end of guidance would be a 10-percent reduction year over year.
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Same-store adjusted admissions are now expected to be negative 2.5 percent for the quarter, and between negative 2–1 percent for the year. Previously, the company had guided for 0–1.5 percent.
Community Health attributed the downward revisions to lower-than-expected volumes.
Despite the rating, the most bullish statement from Wiederhorn seemed to be that he will follow up with more color and estimate revisions after the final report.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.