Tenet Healthcare (NYSE: THC)‘s stock had its “buy” rating restated by equities researchers at Jefferies Group in a report issued on Monday. They currently have a $48.00 target price on the stock, up from their previous target price of $26.00.
The analysts wrote, “We remain bullish on THC given our belief that the company is on track to realize the projected benefits of ‘healthcare reform’ for hospital providers once the law is implemented beginning in 2014. Given our belief that the ‘reform trade’ will buoy hospital stocks throughout 2013, particularly as they progress in contracting with ‘exchange plans’, we expect THC shares to sustain their recent upward momentum.”
Shares of Tenet Healthcare traded down 1.11% during mid-day trading on Monday, hitting $39.04. Tenet Healthcare has a one year low of $17.24 and a one year high of $40.94. The stock’s 50-day moving average is currently $38.46. The company has a market cap of $4.137 billion and a P/E ratio of 39.40.
Tenet Healthcare last issued its quarterly earnings data on Tuesday, February 26th. The company reported $0.45 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.68 by $0.23. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts expect that Tenet Healthcare will post $2.80 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase reiterated an “overweight” rating on shares of Tenet Healthcare in a research note to investors on Monday. They now have a $41.00 price target on the stock. Separately, analysts at TheStreet upgraded shares of Tenet Healthcare from a “sell” rating to a “hold” rating in a research note to investors on Thursday. Finally, analysts at Credit Suisse raised their price target on shares of Tenet Healthcare from $31.00 to $44.00 in a research note to investors on Wednesday, February 27th.
Tenet Healthcare Corporation, and its subsidiaries (Tenet) is an investor-owned health care services company whose subsidiaries and affiliates own and operate acute care hospitals, ambulatory surgery centers, diagnostic imaging centers and related health care facilities.
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