Select Medical price target raised to $40 from $37 at Deutsche Bank

Deutsche Bank analyst Justin Bowers raised the firm’s price target on Select Medical to $40 from $37 and keeps a Buy rating on the shares. The target raise follows the company’s announcement that its board approved a spin-off of Concentra. The firm’s sum-of-the-parts analysis implies Select Medical equity value of $43-$68 per share based on 2025 estimates or $34-$54 assuming a 20% holding company discount.