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Fly News Breaks for January 28, 2020
SEM
Jan 28, 2020 | 08:49 EDT
RBC Capital analyst Frank Morgan raised his price target on Select Medical to $27 and kept his Outperform rating after its initial FY20 guidance came in just ahead of consensus at the midpoint. The analyst says the outlook reflects the company's increased ownership interest in Concentra as well as increasing contribution from the recently acquired long-term acute care hospitals and ramp-up of new Rehabilitation Hospitals. Morgan adds that his new price target also reflects Select Medical's maturing portfolio of rehab care centers, which warrant a valuation multiple that is closer to the company's nearest post-acute peer.
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