As previously reported, Craig-Hallum analyst Kevin Ellich downgraded Acadia to Hold from Buy as he believes the risk/reward is no longer compelling. The analyst thinks the stock will be range-bound due to the potential for growth to slow, continued uncertainty in the U.K., and leverage on the balance sheet and rising interest rates, which could negatively affect its cost of capital in the event that it decides to raise capital for future acquisitions. Ellich also believes competition could make it more difficult to fill beds and recently published reports alleging abuse at Acadia facilities could heighten the regulatory environment and/or change referral behavior and negatively affect occupancy rates. The analyst also lowered his price target on the shares to $34 from $44.