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KeyBanc starts Universal Health at Sector Weight, sees EBITDA margin progress

KeyBanc initiated coverage of Universal Health with a Sector Weight rating. Universal’s EBITDA margins were 16%-17% before COVID, and are running at about 14% today, the analyst tells investors in a research note. The firm expects steady progress closing this gap during 2024-2026, acknowledging there are some structural differences compared to 2019. KeyBanc added that the volume backdrop is favorable, but noted that there will be tougher second half comps for the Acute business.

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