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Fly News Breaks for November 2, 2016
ADPT
Nov 2, 2016 | 06:23 EDT
As previously reported, BofA/Merrill downgraded Adeptus Health to Underperform from Buy and lowered its price target to $17 from $60. Analyst Kevin Fischbeck said Adeptus reported Q3 EBITDA of $9M, 62% below his estimate, and cut 2016 guidance by 33%. The analyst said DSOs grew to over 100 days and the company had to use emergency financing to provide short-term liquidity. Fishbeck does not expect issues to be solved quickly and sees the potential for a large AR write down and another dilutive financing.
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