As previously reported, JMP Securities analyst Peter Martin upgraded Select Medical to Outperform from Market Perform following his review of the company's 10Q for the first quarter. He notes the percentage of EBITDA contribution from the Critical Illness division is declining, but the unit is operationally stable. He also contends that the Concentra division, which has seen its average adjusted EBITDA margins expand 200bps over the last 24 months, "could be a cash cow if fueled properly." Martin added that he has become more comfortable with Select's ability to generate the free cash flow needed to meet its Concentra put option obligations in each of the next three years. He set a $18 price target on Select Medical shares.