Jefferies Maintains Buy Rating and $23 PT on U.S. Physical Therapy

A report from Jefferies reiterates its Buy rating and $23 price target on U.S. Physical Therapy USPH. The report states, “Ongoing economy-driven volume challenges and a conservative view on reimbursement exposure have prompted USPH mgmt to boost its focus on driving referral flows, tightening clinic-level operating expenses, and improving clinician efficiency, that we believe will yield results quickly. Mgmt also remains committed to pursuing immediately-accretive acquisitions that could provide upside surprises in the next 12 months.” USPH closed yesterday at $18.87.