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Fly News Breaks for January 24, 2020
Jan 24, 2020 | 05:07 EDT
Goldman Sachs analyst Stephen Tanal upgraded DaVita to Buy from Neutral with a price target of $97, up from $72. Beginning in 2021, people with end stage renal disease will be able to enroll in any Medicare Advantage plan, marking a rule change that carries implications across the healthcare services ecosystem, Tanal tells investors in a research note. The analyst sees higher multiples and upward estimate revisions for DaVita as he estimates Medicare Advantage penetration of all Medicare-eligible patients with ESRD will go to 30% in 2021. He believes this will fall directly to the company's bottom line, which translates to approximately $48M of incremental pre-tax earnings in 2021.
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