Acadia Healthcare price target raised to $30 from $26 at Raymond James

Raymond James analyst John Ransom raised the firm’s price target on Acadia Healthcare (ACHC) to $30 from $26 and keeps an Outperform rating on the shares. The firm updated its model following Acadia’s recent 8K and comments at a conference that the company plans to lower capital expenditures by $300M next year, the analyst tells investors in a research note. The update, along with the recent activist involvement, is a step in the right direction, but there’s likely more to go on the overall strategy, store closures, asset sales, and board refinement, Raymond James says.