KeyBanc lowered the firm’s price target on HCA Healthcare (HCA) to $420 from $475 and keeps an Overweight rating on the shares. The firm notes Q3 results were about in line with Street, driven by good SS volumes and higher Medicaid DPPs offsetting hurricane-related disruptions. HCA’s stock declined 8.9% on Friday post earnings, and KeyBanc thinks this reflects three factors, namely 2025 EBITDA implied slightly below Street, market rotation ahead of the election, and elevated valuation.
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