Surgery Partners initiated with an Outperform at Macquarie

Macquarie initiated coverage of Surgery Partners with an Outperform rating and $31 price target. Surgery Partners is a pure-play ambulatory surgery center operator that is well positioned to benefit from the ongoing shift to outpatient care, the analyst tells investors in a research note. The firm expects the company’s investments in orthopedics and accelerated acquisitions to sustain double-digit revenue and EBITDA growth at improving margins.