Concentra upgraded to Buy from Neutral at BofA

BofA upgraded Concentra (CON) to Buy from Neutral with a $24 price target. More than 61% of Concentra’s revenue comes from workers’ comp, where rates are set by the states and paid by employers, not states, notes the analyst. In this context, the firm views Concentra being “largely immune” to post-elections headlines and uncertainty that hospitals will face in 2025. Additionally, the outlook for the economy has slightly improved post elections, which is positive for the underlying demand, and the completion of the spin-off from Select Medical (SEM) removes a “technical overhang for the stock,” the analyst added.