Benchmark raised the firm’s price target on Select Medical (SEM) to $48 from $42 and keeps a Buy rating on the shares after Select announced the launch of Concentra’s IPO of 22.5M shares with a price range of $23-$26. Post IPO, Select will own 104.1M shares, representing 82.2% of the total Concentra (CON) shares outstanding, notes the analyst, who points out the that firm’s revised price target assumes the bottom of the Concentra price range.
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