Guggenheim upgrades R1 RCM to Buy, sees more potential upside than downside

Guggenheim analyst Jack Wallace upgraded R1 RCM to Buy from Neutral with a $15 price target. His prior Neutral rating reflected his view that Street estimates for FY23 were too high, but since the Q3 report those "conditions have changed" and he now believes there is "more potential upside than downside" to FY23 estimates when RCM gives initial guidance in January, Wallace tells investors. He also now thinks the multiple has "room to expand," Wallace added.