Acadia Healthcare (ACHC) is facing another volume headwind following a new New York state Medicaid policy to not reimburse patients for care received in other states, RBC Capital Markets said in a note Wednesday.

With many locations in Pennsylvania near the border of New York, the company expects a $25 million to $30 million EBITDA headwind related to the new policy if the company is unable to

backfill the lost occupancy, the report said.

RBC analysts cut their 2026 adjusted EBITDA estimate by $25 million to $601.7 million to reflect the low-end of the expected headwind related to the exclusion.

"We believe the company should be able to backfill some of the lost occupancy," the analysts said.

RBC cut its price target on Acadia to $17 from $19, while keeping its outperform rating.

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