Chemed price target lowered to $580 from $650 at Oppenheimer

Oppenheimer lowered the firm’s price target on Chemed (CHE) to $580 from $650 and keeps an Outperform rating on the shares. The firm notes Chemed reported a Q2 miss, and updated guidance after removing it with late-June’s pre-announcement. While Vitas was the larger source of the guidance miss due to the sudden cap-pressures in Florida, Roto-Rooter was more of the cause of the miss vs. Oppenheimer’s estimate, as the business continues to deal with challenging competitive dynamics, while also dealing with several other pressures.