Tenet Healthcare price target lowered to $72 from $87 at RBC Capital

RBC Capital analyst Ben Hendrix lowered the firm’s price target on Tenet Healthcare to $72 from $87 but keeps an Outperform rating on the shares. The company’s Q3 results came in well ahead of expectations on solid topline growth and good expense management, but the management raised its guidance by less than the beat primarily to reflect one-time items impacting Q4, the analyst tells investors in a research note. The firm is also lowering its FY24 adjusted EBITDA estimate to $2.75B from $2.87B to reflect the headwind and tailwind considerations.