Select Medical price target lowered to $23 from $47 at RBC Capital

RBC Capital analyst Ben Hendrix lowered the firm’s price target on Select Medical (SEM) to $23 from $47 and keeps an Outperform rating on the shares. There is little to warrant the stock’s weakness on Friday given solid segment performance versus spin-adjusted consensus and the impressive growth setup that is developing in the Illness Recovery segment, the analyst tells investors in a research note. The firm adds that its new price target accounts the recently completed separation of Concentra (CON) and the company’s new capital structure.