Pacs Group price target lowered to $31 from $48 at Stephens

Stephens lowered the firm’s price target on Pacs Group (PACS) to $31 from $48 and keeps an Overweight rating on the shares after the company provided notification of late filing with the SEC for its most recent 10-Q and amended its existing credit agreement, providing an extension to the covenant pertaining to delivery of unaudited financial statements. The firm maintains its 2024-2026 adjusted EBITDA estimates, but cites reduced visibility due to the internal audit committee investigation currently underway and an ongoing federal inquiry for its lowered target, pending the Q3 10-Q release.