KeyBanc starts Tenet at Overweight on ‘strong’ 2024 returns

KeyBanc initiated coverage of Tenet Healthcare with an Overweight rating and $200 price target The firm noted that Tenet shares are up over 100% year-to-date, driven entirely by EBITDA growth and accretive hospital sales. Bigger picture, this reflects the culmination of positive changes executed by management over the past five years and more, namely proved hospital operations, growing higher margin United Surgical Partners/Ambulatory Surgery Center business, and accretive hospital sales, the analyst tells investors in a research note.