RBC Capital raised the firm’s price target on Universal Health to $183 from $161 and keeps a Sector Perform rating on the shares. The firm was “pleased” to see the company’s 2024 adjusted EBITDA guidance comfortably ahead of consensus estimates, reflecting solid volume and rate expectations in both segments next year along with easing physician expenses, the analyst tells investors in a research note. RBC adds that Universal Healt attributed improving revenue per admission to increasing acuity and easing pressure from payors following higher denials earlier in 2023.
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