Tenet Healthcare (THC) is positioned to capture the growth from outpatient trends due to its leadership in the ambulatory surgery centers space with 518 centers and 25 surgical hospitals, Morgan Stanley said in a note on Monday.
The ASC model offers stronger financial benefits for Tenet, with much higher earnings margins and lower capital requirements than traditional hospital segments, according to the note.
The firm said that orthopedic procedures are a major driver of the shift toward ASCs. Tenet has identified orthopedics as a top growth area, followed by urology, cardiology, gastroenterology, and cancer care.
Morgan Stanley said the company's stock remains undervalued relative to its potential, "which could prove conservative if the company continues to execute well."
The firm raised its price target on Tenet's stock to $175 from $165 with an overweight rating.
Price: 149.71, Change: +1.68, Percent Change: +1.13
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