Chemed price target lowered to $633 from $697 at RBC Capital

RBC Capital lowered the firm’s price target on Chemed (CHE) to $633 from $697 and keeps an Outperform rating on the shares after its Q3 earnings. The company delivered solid results with VITAS strength largely offsetting continued Roto-Rooter headwinds, and the firm was also encouraged to see census momentum continue, bolstered by strong hiring, the analyst tells investors in a research note. RBC adds however that its price target cut reflects a roll in its valuation model to next year’s estimates.