Adapthealth shares tumble after quarterly report
28/02/2023 15:24
** Shares in Adapthealth AHCO.O down 24.1% in early trading after
quarterly report, with bottom and top line missing Wall Street expectations
along with full-year outlook
** AHCO reported Q4 loss/shr of $0.02 vs year-ago profit/shr of $0.17 and
analyst expectation for profit/shr of $0.28, while rev of $780.28 was above
year-ago rev of $702.11 but missed consensus view of $788.09, according to
Refinitiv
** AHCO cut its 2023 net rev forecast range to $3.16 bln-$3.240 bln (from
$3.21 bln-$3.29 bln) putting it below Wall Street expectations of $3.25 bln
** After the report Jefferies cut its price target for the stock to $27 from
$35
** Adapthealth shares last traded at $16.68 vs Monday's close of $21.98 and
median analyst PT of $28, according to Refinitiv which shows 10 analysts
covering the company with 6 'strong buy' ratings and 4 'buy' ratings
** At Monday's close and just two months into 2023, AHCO shares were up
14.4% YTD after falling 21% in 2022 and 34.9% in 2021. After the report, stock
now down ~13% YTD
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com;))