BofA downgraded Concentra to Neutral from Buy with a price target of $24, down from $30.50. The firm likes the company’s unique payor mix and “solid” long-term organic growth, but is concerned that the slowing economy could keep the multiple compressed given the Employer Services segment’s reliance on hiring. The firm is now applying a lower multiple to its 2025 EBITDAR estimate given the risks to estimates, the analyst noted.
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