AdaptHealth price target lowered to $23 from $30 at SVB Securities

SVB Securities lowered the firm’s price target on AdaptHealth to $23 from $30 and keeps an Outperform rating on the shares. The firm notes Q4 results drove a continuation of negative surprises. The company has missed each of the last 4 quarters with consistent themes anchored to unanticipated higher costs and shifting growth targets. The backdrop remains challenging, yet SVB finds Tuesday’s selloff overly harsh relative to the guide-down.