Surgery Partners price target lowered to $47 from $60 at Benchmark

Benchmark analyst Bill Sutherland lowered the firm’s price target on Surgery Partners to $47 from $60 and keeps a Buy rating on the shares after updating his model following the company’s recent secondary offering and private placement that in aggregate are expected to raise about $886M. He believes the fundraising and associated debt repayment should permit investors to more fully appreciate Surgery Partners’ positive fundamentals, Sutherland said.