HCA Healthcare downgraded to Neutral from Outperform at Baird

Baird downgraded HCA Healthcare (HCA) to Neutral from Outperform with a price target of $336, down from $396. The firm sees minimal incremental buyers of stocks in the managed care and healthcare facilities group until the policy overhang clears. Baird does not not expect guidance raises as it believes companies will maintain 2025 “conservatism and cushion” given potential Part D and macro headwinds that may evolve later this year.