Morgan Stanley analyst Craig Hettenbach notes TowerBrook’s 13D filing Friday after hours that disclosed TowerBrook and Ascension, R1 RCM‘s two largest shareholders, are in the process of putting together an offer for RCM that’s above New Mountain Capital’s offer of $13.25. The firm, which says it sees “a very attractive risk/reward in the stock,” believes R1 RCM could eventually reclaim its 52-week high, recalling that R1 RCM was a nearly $19 stock last summer. Morgan Stanley maintains an Overweight rating and $17 price target on the shares.
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