KeyBanc downgraded Ardent Health (ARDT) to Sector Weight from Overweight without a price target following the Q3 report. The company’s EBITDA baseline exiting 2025 “seems less certain” and KeyBanc’s 2026 estimates are moving materially lower, the analyst tells investors in a research note. The firm cites Ardent’s emerging pressures from payor denials and professional fees in radiology for the downgrade. It would like to gain confidence that these issues aren’t getting worse before again recommending the shares.
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