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AMED

Amedisys

$123.06

2.34 (1.94%)

, EHC

Encompass Health

$63.48

1.13 (1.81%)

09:34
07/12/19
07/12
09:34
07/12/19
09:34

William Blair stays Outperform on Healthcare Delivery names after CMS proposal

The fiscal 2020 Medicare payment and policy proposal for home health agencies was published last night, William Blair analyst Matt Larew tells investors in a research note. He points out that the proposal includes an update on the shift to the "Patient-Driven Groupings Model,"and moves the unit of payment from a 60-day period to a 30-day period. As expected, the language related to the proposed "behavioral adjustment" remained in the proposal, Larew says. The cumulative rate cut that Centers for Medicare and Medicaid Services forecasts to offset assumed behavioral changes increased from 6.42% to 8.01%, largely to account for the number of clinical coding groups moving from six to 12 groups, he notes. However, the estimated 30-day payment after incorporating the behavioral assumptions actually increased slightly from $1,753.68 to $1,754.37, according to the analyst. Larew did not expect the behavioral cuts to be removed in the proposal and believes the "Patient-Driven Groupings Model" itself will prove manageable for large Healthcare Delivery players like Amedisys (AMED), Encompass Health (EHC), and LHC Group (LHCG). The analyst has Outperform ratings on all three. The changes in the rate/dollar calculations were a bit surprising, but the "dollars" are more important than the "rates" and the dollars were unchanged, contends Larew.

AMED

Amedisys

$123.06

2.34 (1.94%)

EHC

Encompass Health

$63.48

1.13 (1.81%)

LHCG

LHC Group

$124.87

1.865 (1.52%)

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AMED Amedisys
$123.06

2.34 (1.94%)

05/02/19
RAJA
05/02/19
UPGRADE
RAJA
Outperform
Amedisys upgraded to Outperform from Market Perform at Raymond James
03/01/19
CHLM
03/01/19
NO CHANGE
Target $124
CHLM
Hold
Amedisys price target cut to $124 from $132 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich maintained a Hold rating on Amedisys and cut his price target to $124 from $132 following the company's Q4 results. In a research note to investors, Ellich says that while CCH's EBITDA contribution is expected to ramp from $12M-$14M in 2019 to ~$50M in 2021, and Amedisys has ample dry powder for acquisitions and share repurchases, he believes its premium valuation and the overhang attributable to PDGM will continue to weigh on the stock in the near-term.
03/01/19
RHCO
03/01/19
NO CHANGE
Target $145
RHCO
Buy
Amedisys price target raised to $145 from $135 at SunTrust
SunTrust analyst David MacDonald raised his price target on Amedisys to $145 and kept his Buy rating after its Q4 earnings beat. The analyst says the results were driven by "strong core trends, solid organic volumes, and ongoing operational improvement". MacDonald also cites the company's strong cash flow, with added opportunities coming from its "enviable" strategic positioning as medical care moves toward the home.
07/08/19
JEFF
07/08/19
NO CHANGE
Target $150
JEFF
Buy
Amedisys long-term prospects 'compelling,' says Jefferies
After hosting meetings with management, Jefferies analyst Brian Tanquilut has "increased appreciation" for Amedisys' "compelling" long-term prospects. Management did a good job of explaining why home nursing will outperform overall healthcare sector growth going forward, Tanquilut tells investors in a research note. The analyst points to Medicare population growth and the increasing percentage of hospital discharges to home. Further, home nursing is one of few beneficiaries if Medicare for All happens, says the analyst. He believes potential rate cuts from upcoming Medicare rule changes should be mitigatable and keeps a Buy rating on Amedisys with a $150 price target.
EHC Encompass Health
$63.48

1.13 (1.81%)

06/27/19
BMOC
06/27/19
INITIATION
Target $72
BMOC
Outperform
Encompass Health initiated with an Outperform at BMO Capital
BMO Capital analyst Matt Borsch started Encompass Health with an Outperform rating and $72 price target. The analyst sees a "strong" growth outlook for the company, boosted by demographic trends, as well as a "reasonable" valuation at current share levels. Investor concern over the earnings impact from a new Medicare reimbursement model is overdone, Borsch tells investors in a research note.
05/30/19
LEHM
05/30/19
UPGRADE
Target $70
LEHM
Overweight
Barclays upgrades Encompass Health to Overweight, boosts target to $70
Barclays analyst Patrick Feeley upgraded Encompass Health to Overweight from Equal Weight and raised his price target for the shares to $70 from $68. The analyst says he now has increased visibility into the inpatient rehab Medicare reimbursement headwind set to begin in Q4 of 2019. Encompass shares now "at least adequately" discount the reimbursement headwind, which allows for a constructive stance given the company's "favorable" long-term growth outlook, Feeley tells investors in a research note. He believes the market is "over-discounting" the broader health policy risk given Encompass Health's low relative exposure to these potential threats.
05/30/19
LEHM
05/30/19
UPGRADE
Target $70
LEHM
Overweight
Encompass Health upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Patrick Feeley upgraded Encompass Health to Overweight from Equal Weight and raised his price target for the shares to $70 from $68.
02/11/19
JEFF
02/11/19
NO CHANGE
Target $80
JEFF
Buy
Encompass Health selloff Friday brings buying opportunity, says Jefferies
Jefferies analyst Brian Tanquilut says the selloff Friday in shares of Encompass Health creates a buying opportunity in a "compelling, high quality name." The company beat its Q4 preannouncement and reiterated the guidance it issued in January, Tanquilut tells investors in a research note. He keeps a Buy rating on the shares with an $80 price target. The stock should outperform over the course of the year as management "continues to successfully execute" its operating strategies that translate to growth acceleration, EBITDA upside, and sustained earnings predictability, regulatory changes notwithstanding, Tanquilut writes.
LHCG LHC Group
$124.87

1.865 (1.52%)

05/09/19
JEFF
05/09/19
NO CHANGE
Target $130
JEFF
Buy
LHC Group price target raised to $130 from $125 at Jefferies
Jefferies analyst Brian Tanquilut raised his price target for LHC Group to $130 from $125 and keeps a Buy rating on the shares following the company's Q1 results. In a post-earnings research note titled "Playoff Games Aren't Won or Lost in Q1; Focus on Strong Margins, Guidance Raise," Tanquilut says he does not think investors should view the Q1 revenue shortfall as a sign of fundamental softening, especially given the 10 basis point margin beat versus consensus.
03/01/19
CHLM
03/01/19
NO CHANGE
Target $114
CHLM
Hold
LHC Group price target raised to $114 from $93 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich maintained a Hold rating on LHC Group and raised his price target to $114 from $93 following the company's mixed quarterly results. In a research note to investors, Ellich says he remains optimistic about several factors including that the integration of Almost Family integration is ~6 months ahead of schedule and synergies are exceeding prior expectations and LHC's JV pipeline could accelerate throughout the year following the Geisinger and AtlantiCare Home Health and Hospice deal announced earlier this week which will add ~$35M of annual revenue. Despite these factors, Ellich believes valuation and the PDGM overhang will keep LHC range-bound in the near-term.
03/01/19
RHCO
03/01/19
NO CHANGE
Target $130
RHCO
Buy
LHC Group price target raised to $130 from $115 at SunTrust
SunTrust analyst David MacDonald raised his price target on LHC Group to $130 and kept his Buy rating after its Q4 results. The analyst says the quarter was driven by strong organic volumes, better than expected integration of Almost Family, solid cash flow trends, and the ongoing M&A / joint venture activities.
05/13/19
RBCM
05/13/19
NO CHANGE
Target $130
RBCM
Outperform
LHC Group price target raised to $130 from $120 at RBC Capital
RBC Capital analyst Frank Morgan raised his price target on LHC Group to $130 and kept his Outperform rating after its "solid" Q1 results and raised FY19 guidance. The analyst cites the company's ongoing organic volume growth in home health and hospice along with synergy capture from Almost Family proceeding ahead of schedule, with the merger creating "the largest independent provider of in-home services" in the market. Morgan believes that LHC Group is well positioned to produce strong earnings growth for the next few years.

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IEX

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Roper Technologies

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ACAD

Acadia

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0.28 (1.09%)

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PTI

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RDHL

RedHill Biopharma

$8.35

0.24 (2.96%)

07:14
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XLNX

Xilinx

$124.24

1.52 (1.24%)

07:12
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FB

Facebook

$202.32

3.94 (1.99%)

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CCBG

Capital City Bank

$24.70

0.11 (0.45%)

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AAPL

Apple

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MBIO

Mustang Bio

$3.09

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UUGRY

United Utilities

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Interpublic Group

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UTX

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NGG

National Grid

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Iridium

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IPG

Interpublic Group

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REAL

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ENGIY

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