Deutsche Bank analyst Chris Rigg believes the 9% post-earnings selloff Friday in shares of Select Medical is "hard to justify." The miss and guide-down took the focus off of the most important takeaway, which was better than expected long-term acute care hospital results, Rigg tells investors in a research note. He sees "substantial upside" to long-term acute care hospital EBITDA from returning to pre-criteria occupancy levels, which management is targeting over the next 9-12 months. The analyst maintains a Buy rating on Select Medical with a $22 price target.