Concentra initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Concentra with an Outperform rating and $33 price target. RBC cites the company’s “unique operating model, particularly its reimbursement structure,” for the firm’s valuation and rating, noting that with revenue coming directly from employers and workers’ compensation, Concentra “represents a differentiated investment strategy, free of the regulatory and payor negotiation headwinds borne by the rest of (the firm’s) provider coverage.”