UPDATE: Deutsche Bank Raises PT to $46 on Tenet Healthcare on Solid EBITDA Visibility

Deutsche Bank maintained Tenet Healthcare THC with a BUy rating and raised the price target from $43.00 to $46.00. Deutsche Bank noted, "We continue to believe THC has solid visibility into its 2013 EBITDA growth. Management is guiding to +14% yoy EBITDA growth at the mid-point of its $1.325 billion to $1.425 billion guidance range; DBe is $1.394 billion or +15.5% yoy. THC's visibility is enhanced by several tailwinds including: (1) a ~$35 million swing in HITECH income, net of HCIT implementation expense; (2) approximately $80 million of incremental savings from its Medicare performance initiative, which is designed to reduce variability in outcomes while reducing costs; (3) incremental EBITDA contributions from M&A and business development in the core business of $30M-$35M." Tenet Healthcare closed at $41.76 on Thursday.