U.S. Physical Therapy initiated with a Buy at BofA

BofA initiated coverage of U.S. Physical Therapy with a Buy rating and $138 price target, which represents 18% potential upside. The analyst likes the company’s “solid” organic growth prospects and sees “significant upside” from acquisition as U.S. Physical Therapy deploys the proceeds from its recent equity offering. An aging population and shift to lower cost settings will drive the company’s growth, the analyst tells investors in a research note.