Tenet Healthcare: Strong Performance and Positive Outlook Drive Buy RatingWe reiterate our Outperform rating on shares of THC while raising our price target to $250 (~8.5x 2027 EBITDA ex-NCI) following 3Q25 results that exceeded expectations as the company reported adj. EBITDA of $1,099M (Street: $1,035M, RJ: $1,035M), and adj. EBITDA ex-NCI of $862M (RJ: $801M). The quarter did benefit from a $38M out of period DPP, so the core beat was closer to ~$23M all attributable to the hospital division. The quarter, in total, benefited from $346M of supplemental payments.