BofA analyst Joanna Gajuk downgraded Acadia Healthcare (ACHC) to Neutral from Buy with a price target of $25, down from $27, a the firm now sees greater headwinds from cuts to Medicaid state directed payment programs than previously estimated. However, since the cuts will start in 2028-plus, the firm expects a volume rebound as denovos ramp up in the medium term before the Medicaid cuts start, the analyst noted.
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