Citi analyst Ralph Giacobbe is not dismissing the idea of a sale after the Wall Street Journal reported last night that Tenet Healthcare is exploring strategic alternatives. The analyst, however, would be "somewhat surprised" if Tenet is sold outright given the current operating backdrop as well as the company's high leverage and higher relative valuation. Further, the analyst does not believe there is "appetite" from the publicly traded hospitals to do a deal and he also sees little private equity interest. Giacobbe wouldn't be surprised if Tenet has already attempted to engage the managed care organizations, which he sees as unlikely buyers. Tenet's high short interest is likely to drive the stock higher, but it is difficult to chase the Tenet on the rally driven by headlines, Giacobbe concludes in a research note partially titled "The Challenge May Be Finding a Buyer." He keeps a Neutral rating on Tenet with a $16 price target.