In a report released yesterday, Ryan Langston from TD Cowen maintained a Buy rating on Tenet Healthcare, with a price target of $233.00.
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Ryan Langston has given his Buy rating due to a combination of factors. The company’s third-quarter adjusted EBITDA exceeded consensus expectations by 6%, or 2% when excluding a favorable SDP pickup. This performance was driven by strong results in both the hospital and ambulatory surgery center (ASC) segments, with the hospital segment beating consensus by 3% and the ASC segment by 1.5%. Additionally, same-store cases in the ASC segment increased by 2.1% year-over-year, and same-store acute adjusted admissions rose by 1.4%.
Furthermore, Tenet Healthcare raised its full-year 2025 adjusted EBITDA guidance by $50 million at the midpoint, reflecting increased ASC acquisitions and higher core growth. The company’s management also expects continued healthy demand and stable operations into 2026, despite some uncertainties around healthcare exchange subsidies and pending SDP approvals. The strategic focus on expanding high-acuity and specialty care services, along with well-managed labor and inflation, supports a positive outlook. Consequently, Langston’s price target for Tenet Healthcare’s stock has been adjusted to $233, based on revised 2026 EBITDA estimates.
According to TipRanks, Langston is an analyst with an average return of -5.1% and a 47.31% success rate. Langston covers the Healthcare sector, focusing on stocks such as Elevance Health, Molina Healthcare, and UnitedHealth.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $230.00 price target.