Acadia Healthcare initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of Acadia Healthcare with a Sector Weight rating as part of a broader research note launching coverage of Healthcare Services. The U.S. healthcare system requires significant efficiency gains and Healthcare Services will be at the epicenter of innovation, disruption, and opportunity, with near term proprietary hospital card data indicating that utilization remains strong in Q3 which represents a positive read for Hospitals and Post-Acute care, the analyst tells investors in a research note. For the company, the firm notes that while it sees a long-term bull case and valuation is increasingly attractive given the recent pullback, KeyBanc is comfortable with a neutral rating pending better visibility on 2025 EBITDA and given legal dynamics.