Pennant Group price target raised to $25 from $22 at Truist

Truist raised the firm’s price target on Pennant Group to $25 from $22 and keeps a Hold rating on the shares. The firm is raising its FY24 and FY25 adjusted EBITDA estimates by about $1M to $49M and $55M respectively after the company’s Q1 earnings beat. Truist adds that it is positive on Pennant’s home focused assets and with strong secular tailwinds around aging demographics, site of care redirection, sizable cost advantages and patient preference, it sees Pennant as well positioned for growth.