UPDATE: Morgan Stanley Initiates Tenet Healthcare at Equal-Weight on Limited Upside

Morgan Stanley initiated Tenet Healthcare

with an Equal-weight rating. Morgan Stanley noted, "THC has consolidated its footprint over the last several years with 49 hospitals, down from 69 in 2006. Its urban market focus has shown greater resilience to utilization pressure. However high exposure to potential reimbursement cuts including specifically IME/GME payments will limit upside in the near-term." Tenet Healthcare closed at $35.75 on Wednesday.