Pennant Group price target lowered to $28 from $32 at Truist

Truist lowered the firm’s price target on Pennant Group (PNTG) to $28 from $32 and keeps a Hold rating on the shares as part of a broader research note previewing Q2 results for Healthcare Services. The quarter should reflect an ongoing mixed, sector-dependent backdrop across the firm’s coverage universe with a focus on selectivity and utilization-leveraged names best positioned, and Managed Care continuing to face challenges, the analyst tells investors in a research note. Truist adds that it remains bullish on core demand drivers for the industry however and also believes that the Reconciliation Bill has provided increased clarity around regulatory framework.