TD Cowen analyst Ryan Langston upgraded Universal Health to Buy from Hold with a price target of $283, up from $220. The company’s EBITDA consensus estimates over the next 3-12 months may move 15%-20% higher, and potentially higher long-term as the acceleration of state directed payment expansion is more readily apparent, the analyst tells investors in a research note. TD believes this tailwind carries both EBITDA upside and multiple expansion. It believes Universal Health’s state directed payment EBITDA upside is underappreciated by investors.
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