Bernstein raised the firm’s price target on HCA Healthcare (HCA) to $541 from $503 and keeps a Market Perform rating on the shares. The firm cites a solid quarter of execution, balanced by a normalizing operating environment, improved EBITDA and stronger buyback activity. Bernstein stays on the sidelines as it continues to see valuations at the high end of long-term ranges, and headwinds to EBITDA growth as rate growth moderates over time and comparison ratio stabilizes following significant improvement over the past couple of years.
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