Ardent Health initiated with Buy on ‘sizeable’ opportunity at Truist

Truist initiated coverage of Ardent Health with a Buy rating and $21 price target. Ardent is a leading hospital operator and provider of healthcare services across six states and eight markets, providing care through a footprint of 30 acute care hospitals, the analyst tells investors in a research note. The firm says the company’s “unique” joint venture model underpins a “sizable” expansion opportunity within both new and existing markets. It expects ongoing buildout of the ambulatory network and sees significant benefits driven by the focus on mid-sized, urban markets.