UBS analyst AJ Rice initiated coverage of Service Corp. with a Buy rating and $72 price target. Service Corp. is in the midst of a transition back to its historical pattern of delivering 8%-12% EPS growth, post pandemic, and while it likely faces a few more years of modest headwinds following some pull-forward of about 120,000 deaths from 1Q20-4Q22 related to the COVID pandemic, the fact that the first of the baby-boomers will reach 80 years of age in 2026 should usher in a 15-year period of accelerated at-need case volumes, the analyst tells investors in a research note.
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