DaVita (DVA) has a path back to 2% long-term volume growth by 2029, primarily driven by improving patient outcomes and reducing mortality rates, UBS analysts said in a Friday note.

Analysts said that DaVita has a wide range of levers, including the introduction of middle-molecule clearance technologies, increasing utilization of GLP-1s among existing dialysis patients, reducing missed treatment rates, and improving home care through DVA's investment in Elara Caring.

UBS said that there is increased focus on the company's Q2 volumes figure. Further improvements could suggest that modest improvements in mortality may indicate the start of a positive trend.

The company has yet to schedule a release date for its Q2 financial results.

Analysts retained a buy rating on the stock and increased its price target to $270 from $235.

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