Stephens analyst Scott Fidel upgraded Pennant Group to Overweight from Equal Weight with a price target of $18, up from $14. Despite facing home health reimbursement pressure, Pennant delivered solid revenue and adjusted EBITDA growth in 2022 and 2023, which provides increased confidence in the durability of its turnaround, the analyst tells investors in a research note. The firm says that while home health reimbursement headwinds will continue in 2024, it sees Pennant delivering “compelling overall growth” through its even larger hospice business. Stephens sees “clear opportunities” for Pennant to beat current Street expectations in 2024.
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