Lumexa Imaging Holdings: Leveraging Outpatient Growth and JV Model to Drive Premium-Valued Expansion and Deleveraging Upside

Benjamin Rossi, an analyst from J.P. Morgan, has initiated a new Buy rating on Lumexa Imaging Holdings, Inc. (LMRI).

Benjamin Rossi has given his Buy rating due to a combination of factors tied to Lumexa Imaging Holdings’ market position, growth strategy, and valuation. He sees Lumexa as a leading pure-play provider in the outpatient diagnostic imaging space, well placed to benefit from the ongoing shift away from higher-cost hospital settings toward more affordable and convenient outpatient care. The company’s emphasis on advanced imaging modalities in demographically attractive markets is expected to capture long-term demand drivers such as an aging population, rising chronic disease burden, and continued technological innovation. In addition, Rossi highlights that existing scale and contributions from recently opened centers should support solid organic growth and margin improvement over time, with additional efficiency gains possible from AI and automation.

Rossi also points to Lumexa’s differentiated joint-venture model with health systems as a key competitive advantage, as these partnerships tap into established reimbursement arrangements and referral channels while reducing capital intensity and execution risk for new site openings. The company’s history of expanding through both new center development and acquisitions is viewed as evidence that this model can be replicated across new and existing geographies. From a valuation standpoint, his $23 December 2026 price target is based on applying a 12.5x EV/adjusted EBITDA multiple to 2027 estimates, which he considers an appropriate premium to other outpatient peers with less attractive growth and payer dynamics, while still reflecting Lumexa’s leverage and execution risks. Overall, Rossi believes the risk-reward profile is favorable as the company continues to grow and de-lever, supporting his Buy recommendation.

In another report released today, Jefferies also initiated coverage with a Buy rating on the stock with a $23.00 price target.