Births declined 3.0% year-over-year in November across the four states that comprise UBS's monthly birth tracker, Arizona, Colorado, North Carolina and Florida, analyst Whit Mayo tells investors in a research note. Birth trends remain "very weak" versus historical trends, Mayo writes in a note titled "UBS Birth Tracker: Trends Tracking at Historically Weak Levels." The analyst believes his firm's birth data supports his below consensus forecasts across 2019-2020 for Mednax. Mayo cut his price target for the shares to $35 from $37 and keeps a Sell rating on the name.