Raymond James downgraded Tenet Healthcare (THC) to Outperform from Strong Buy with an unchanged price target of $195. The firm expects a reduction in the Affordable Care Act exchange population in 2026 “due to the sunsetting of enhanced subsidies.” There is growing investor hospital group concerns about a number of other risks, including the explosive growth in state-directed payments, risks to Medicaid and the potential re-emergence of the site neutral debate, the analyst tells investors in a research note.
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