BofA downgraded AMN Healthcare to Neutral from Buy with a price target of $104, down from $112, after the company beat guidance and consensus with its Q2 results, but guided to Q3 revenue and adjusted EBITDA below consensus. The Q3 guidance and implied Q4 represent roughly $1.7B in revenue in the second half and management comments about growth in 2024 implies 2024 revenue 10% below consensus, notes the analyst, who is cutting the firm’s 2024 EBITDA estimate by nearly 20%.
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