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Fly News Breaks for November 2, 2016
ADPT
Nov 2, 2016 | 07:34 EDT
Jefferies analyst Brian Tanquilut downgraded Adeptus Health to Hold citing concerns about the company's balance sheet and cash flows. Adeptus is in a tight liquidity position and will have to raise more cash through debt/equity offerings in the next few months, Tanquilut tells investors in a research note. He expects that "deteriorating" same-store-sales and EBITDA trends will also pressure the stock in the near-term. The analyst cut his price target for the shares to $13 from $77 following the company's Q3 results. The stock is down 50% to $13.51 in pre-market trading. BofA/Merrill downgraded Adeptus this morning to Underperform from Buy.
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