Surgery Partners up as TD Cowen raises rating to 'outperform'

Surgery Partners

14/11/2023 13:37

** Shares of Surgery Partners'  SGRY.O  rise 3.2% to $27.60
premarket - set for a three-day winning streak if gains hold
during regular trading 
    ** Brokerage TD Cowen upgrades its rating on SGRY to
"outperform" from "market perform" 
    ** Says co is well positioned for a period of higher growth
as outpatient surgeries have an underpenetrated share of the
surgical market and insurers are accelerating outpatient
approved procedures
    ** Surgical facility operator has been down 28% since early
August when co missed Q2 revenue estimates due to a
cyber-security incident
    ** SGRY raised its 2023 adj. EBITDA forecast for the third
straight quarter last week likely as the sector sees a
post-pandemic recovery in demand for elective surgeries
    ** 9 of 10 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $43
    ** Up to Monday's close, stock down 4.2% YTD 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))