Surgery Partners price target lowered to $22 from $28 at Mizuho

Mizuho lowered the firm’s price target on Surgery Partners (SGRY) to $22 from $28 and keeps an Outperform rating on the shares. The firm reduced its estimates for Surgery Partners to account for the lower-than-expected performance, lower earnings visibility due to payer mix pressure, and to remove M&A from its forecasts. Though the payer mix volume pressures reduce earnings visibility, the firm believes its estimates reflect that risk.