New York, August 9 (FinanceEnquiry.com) – Analysts at Bank of America downgrade their ratings on Select Medical Holdings Corporation (NYSE: SEM) from NEUTRAL to UNDERPERFORM. The 12-month target price is set to $12.50.
In a research note published today, the analysts mention that the ratings has been downgraded as the recent rally in the stock has been unsustainable in the face of very real rate headwinds, which should come into focus in the coming 6 months.
SEM posted a strong Q2 and raised guidance, though with one time items in Q1 and Q2 both and margins at acquired assets matching with the company averages, though it is very difficult to argue that the company has still been under earning. In the mean time, the rate headwinds that have already been in place would result in no EBITDA growth for the next two years and with another debt ceiling bill about to come early next year, there might be a chance that EBITDA would be lower in 2015 as compared to 2012, the analysts say.
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