Tenet Healthcare price target raised to $78 from $47 at UBS

UBS analyst Andrew Mok raised the firm’s price target on Tenet Healthcare to $78 from $47 and keeps a Buy rating on the shares. The firm thinks 2023 ambulatory EBITDA guidance of $1.445B at the midpoint is approximately $130M behind the company’s initial 2022 plan and implies virtually no core growth in the legacy USPI business, the analyst tells investors in a research note. The lack of core growth in the legacy USPI segment screens conservative and makes 2023 ASC guidance look very achievable, UBS says.