Macquarie notes that Surgery Partners (SGRY) has declined 31% in the past five trading sessions, with 14% of free-floating shares changing hands since Q3 earnings were reported. The firm’s “theories” to explain the recent underperformance include disappointment at free cash flow and EPS downgrades, doubt over takeout prospects, anxiety over the RFK Jr. appointment, and high-yield related pressure, but it thinks “none of the concerns justifies the significant loss of equity value” when Surgery Partners’ growth outlook and pipeline remain strong. Macquarie maintains an Outperform rating and $34 price target on the shares.
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Read More on SGRY:
- Surgery Partners price target lowered to $31 from $32 at Barclays
- Surgery Partners price target lowered to $34 from $35 at Macquarie
- Surgery Partners Reports Q3 Revenue Growth Amid Challenges
- Surgery Partners reports Q3 adjusted EPS 19c, consensus 25c
- Surgery Partners sees FY24 revenue greater than $3.075B, consensus $3.09B
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
