HCA Healthcare price target raised to $465 from $370 at KeyBanc

KeyBanc raised the firm’s price target on HCA Healthcare (HCA) to $465 from $370 and keeps an Overweight rating on the shares. The firm’s credit card data and checks suggest utilization remains elevated yet stable through Q3, with some potential for a very slight sequential moderation. For Hospitals and Post Acute, KeyBanc expects beats/raises with Q3, supported by solid patient volumes, favorable labor dynamics, and continued upside from SDPs. Additionally, for Hospitals, the firm expects 2026 EBITDA will move higher into year-end, aided by a deal on HIX subsidies, even more SDPs, and the Rural Health Program. For MCOs and VBC, a stable utilization environment is likely good enough, as guidance assumptions lean conservative.