BrightSpring Health initiated with a Buy at BTIG

BTIG initiated coverage of BrightSpring Health with a Buy rating and $15 price target. The company is operating in a growth industry, with a focus on high-quality, lower-cost sites of care, that are preferred by the patients, plans, and in many cases the provider, the analyst tells investors in a research note. The firm says BrightSpring provides its customers with a broad range of services, including home health, hospice, primary care at-home, community and senior living services, rehab therapy and an extremely robust and advanced specialty pharmacy platform. As the U.S. population ages, and as the prevalence of chronic diseases rises, there will be a greater need for a deep and broad platform of solutions that can meet patients’ needs in a multitude of non-acute care settings, contends BTIG. The firm expects the company to continue to deliver good EBITDA margins and growth, solid cash flow, and views the shares as being undervalued.