HCA Healthcare price target raised to $354 from $338 at Leerink

Leerink raised the firm’s price target on HCA Healthcare to $354 from $338 and keeps an Outperform rating on the shares. The firm notes Q4 results brought forth a continuation of strong demand, solid cost controls, more DPP and a very positive look at the starting point for 2024. While the stock is making generational highs and nudging up near peak EBITDA valuations, Leerink still observes a meaningful disconnect in the earnings power through the lens of a potential historic buyback run in the next 2 years.