Market Overview

KeyBanc Cuts Adeptus Health's Price Target From $59 To $31

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After reporting far worse-than-expected Q3 results and announcing that the company will be exploring various financial alternatives through Goldman Sachs, shares of Adeptus Health Inc (NYSE: ADPT) were trading more than 60 percent lower.

While firms Bank of America and Jefferies have downgraded the stock, KeyBanc Capital Markets analyst Jason Gurda maintained an Overweight rating, but drastically lowered his price target from $59 to $31.

Gurda cited the “extremely disappointing” performance and stated the near-term opportunity on shares of Adeptus is “a fraction of what it appeared to be earlier in the year.”

In contrast, the analyst stated the Q3 results understate the near-term opportunity and the value Adeptus facilities would have to a potential acquirer.

Additionally, Gurda said that the volume and accounts receivable issues Adeptus is experiencing are “ultimately addressable” through its hospital outpatient department (HOPD) partnership strategy.

The stock traded recently at $9.06, down 66.3 percent.

Latest Ratings for ADPT

DateFirmActionFromTo
Jul 2019Initiates Coverage OnBuy
Jul 2019Initiates Coverage OnBuy
Jul 2019Initiates Coverage OnOutperform

View More Analyst Ratings for ADPT
View the Latest Analyst Ratings

Posted-In: Jason Gurda KeyBancAnalyst Color Price Target Analyst Ratings

 

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