Benchmark upgrades Select Medical, sees attractive entry point after pullback

As previously reported, Benchmark analyst Bill Sutherland upgraded Select Medical (SEM) to Buy from Hold with a $23 price target. Following the FY24 print on Friday, the shares dipped 7% amidst some confusion regarding the FY25 guide against a consensus that did not fully reflect Concentra (CON) as a discontinued operation, says the analyst, who notes that shares are now trading 18% below the level immediately following the special dividend of Concentra shares in November. Overall, it was a “solid” Q4 print, adds the analyst, who sees guidance as “conservative” and shares at an “attractive entry point.”