New Mexico DPP program approval positive for Ardent Health, says Morgan Stanley

Morgan Stanley notes that the Centers for Medicare & Medicaid Services has approved New Mexico’s Delivery System and Provider Payment program and even though contribution from the New Mexico DPP is already in estimates for Ardent Health (ARDT), the firm views this as “a positive development given some investors had concerns about it.” The firm, which views the risk/reward in Ardent as attractive at the stock’s depressed valuation multiple, keeps an Overweight rating and $27 price target on the shares.