Macquarie notes that Surgery Partners (SGRY) has declined 31% in the past five trading sessions, with 14% of free-floating shares changing hands since Q3 earnings were reported. The firm’s “theories” to explain the recent underperformance include disappointment at free cash flow and EPS downgrades, doubt over takeout prospects, anxiety over the RFK Jr. appointment, and high-yield related pressure, but it thinks “none of the concerns justifies the significant loss of equity value” when Surgery Partners’ growth outlook and pipeline remain strong. Macquarie maintains an Outperform rating and $34 price target on the shares.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SGRY:
- Surgery Partners price target lowered to $31 from $32 at Barclays
- Surgery Partners price target lowered to $34 from $35 at Macquarie
- Surgery Partners Reports Q3 Revenue Growth Amid Challenges
- Surgery Partners reports Q3 adjusted EPS 19c, consensus 25c
- Surgery Partners sees FY24 revenue greater than $3.075B, consensus $3.09B