HCA Healthcare price target lowered to $503 from $541 at Bernstein

Bernstein lowered the firm’s price target on HCA Healthcare (HCA) to $503 from $541 and keeps a Market Perform rating on the shares. The firm modestly lowers 2027 and beyond EBITDA forecasts and remains more moderate in EBITDA growth expectation with CAGR of 5.1%. Bernstein sees slowing state supplemental payments, and risks from insurance coverage reductions and potential bad debt growth. Operating execution is strong and margins remain well controlled, which can offset some of these challenges, adds the firm.