Surgery Partners price target lowered to $34 from $35 at Macquarie

Macquarie analyst Tao Qiu lowered the firm’s price target on Surgery Partners (SGRY) to $34 from $35 and keeps an Outperform rating on the shares. The firm notes the company reported an in-line quarter and reaffirmed revenue/adjusted EBITDA guidance. Free cash flow outlook tempered due to elevated transaction spending and others, Macquarie says, adding that case volume led organic revenue growth, while rate was affected by mix shift but remains strong year-to-date.