Leerink raised the firm’s price target on Pediatrix Medical (MD) to $15 from $10 and keeps a Market Perform rating on the shares. The firm notes Q3 results brought forth decent SS revenue growth and modest earnings upside driven primarily by a continuation of very strong payer mix tailwinds. Leerink figures every 2pt shift from government to commercial is around a $35M or 15%-20% annual earnings tailwind. This is clearly a favorable development with redeterminations/HIX growth, in the firm’s view. Pediatrix Medical unlikely would be hitting its targets this year in the absence of this factor, Leerink adds.
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