Universal Health upgraded to Neutral at BofA amid multi-year industry tailwinds

As previously reported, BofA analyst Kevin Fischbeck upgraded Universal Health to Neutral from Underperform with a price target of $145, up from $120. The set up for hospitals in 2023 "appears strong," with pricing beginning what should be a multi-year move upwards, said Fischbeck, who sees multiple tailwinds for hospitals more broadly into 2024. He still remains cautious, however, if 2023 estimates have been rebased enough heading into Q4 results and formal guidance, the analyst added.