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Truist Securities Analyst Raises Tenet Healthcare Price Target by 14%

By Don Francis, Editor
February 10, 2024 8:05 AM UTC
Truist Securities Analyst Raises Tenet Healthcare Price Target by 14%

Truist Securities's David S Macdonald raised their price target on Tenet Healthcare (NYSE: THC) by 14.1% from $92 to $105 on 2024/02/10. The analyst maintained their Strong Buy rating on the stock.

Macdonald cited Tenet Healthcare's strong Q4 and FY 2023 earnings report as the catalyst for the price target increase. The company reported earnings per share (EPS) of $2.68 for Q4 2023, beating both the Zacks Consensus Estimate and the previous year's Q4 earnings. Revenue for the quarter also exceeded expectations, coming in at $5.38 billion. For the full year 2023, Tenet Healthcare reported EPS of $6.98 and revenue of $20.55 billion, both surpassing the previous year's figures.

The analyst highlighted Tenet Healthcare's positive trends in Ambulatory Surgical Centers and solid core hospital volumes. Macdonald also noted ongoing investments in labor and high acuity service lines, which continue to yield positive results for the company.

In addition to Macdonald's rating update, several other analysts also adjusted their price targets and ratings for Tenet Healthcare on February 9, 2024:

- Cantor Fitzgerald's Sarah James raised their price target by 10.6%, from $94 to $104, and maintained their Strong Buy rating on the stock. - RBC Capital's Ben Hendrix raised their price target by 12.4%, from $97 to $109, and maintained their Buy rating on the stock. - Mizuho's Ann Hynes raised their price target by 11.1%, from $90 to $100, and maintained their Strong Buy rating on the stock.

Currently, 100% of top-rated analysts rate Tenet Healthcare as a Strong Buy or Buy, with no analysts considering it a Hold or recommending selling the stock.

The consensus forecast among analysts is that Tenet Healthcare's upcoming year will deliver an EPS of $6.97, representing a 52.4% increase on a year-over-year basis.

Since the release of Tenet Healthcare's latest quarterly report on February 8, 2024, the stock price has experienced a 1% decline. However, compared to the previous year, the stock has seen significant growth, with a 55.9% increase. During this period, Tenet Healthcare has outperformed the S&P 500, which has shown a 23.2% increase.

Truist Securities analyst David S Macdonald is highly regarded, ranking in the top 12% of Wall Street analysts according to WallStreetZen. With an average return of 8.9% and a win rate of 66.3%, Macdonald specializes in the Consumer Defensive and Healthcare sectors.

Tenet Healthcare Corporation, a diversified healthcare services company, provides a range of services including acute, intensive, and critical care, as well as operating and recovery rooms, radiology and respiratory therapy services, clinical laboratories, and pharmacies. The company also operates ambulatory surgery and urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments, and micro-hospitals. Founded in 1975 and headquartered in Dallas, Texas, Tenet Healthcare continues to expand access to care and invest in cutting-edge technology for patients and physician partners, while strategically reducing debt and growing its ambulatory care and hospital businesses.

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