Cantor Fitzgerald ‘cautious’ on Acadia after survey of inpatient psych referrers

Cantor Fitzgerald analyst Sarah James is incrementally cautious on Acadia Healthcare’s (ACHC) Q4 after a survey suggested inpatient psych referrer weakness may have intensified in November vs. October. The firm’s survey suggests that there was a deterioration of referrer opinion of Acadia in Q4 from Q3, and that the majority of respondents’ opinion would not be changed after a conversation with the company, though given limited referrer flexibility, there is likely a floor of how much volumes can realistically drop given the limited number of facilities to refer to and general impression of the inpatient psychiatric market, the analyst tells investors in a research note. The firm made no change to its Neutral rating or $52 price target on Acadia Healthcare shares.