Stephens analyst Raj Kumar lowered the firm’s price target on Ardent Health (ARDT) to $17 from $21 and keeps an Overweight rating on the shares. Q3 was “encouraging from a volume perspective,” but overshadowing the strong demand indicators was the roughly $53M 2025 EBITDA guidance cut that was influenced roughly equally by reacceleration in professional fees growth and payer denial activity in the second half. The firm lowered its 2025-2027 adjusted EBITDA-NCI estimates following the report, the analyst noted.
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