Goldman Sachs analyst Jamie Perse upgraded Universal Health to Buy from Sell with a $170 price target. After several years of margin erosion driven by the Acute Hospital segment, the firm believes UHS margins will begin to recover in the second half of 2024 after physician subsidy pressures are annualized and as both the volume and rate environment remain favorable. With the stock having lagged peers over a multi-year period, and in 2023 specifically, driving valuation to the lower-end of its historical range, we believe the stock is positioned for meaningful upside in 2024.
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