RBC Capital maintains Tenet Healthcare at Outperform, raises price target to $304 from $283

Mizuho increased its price target for Tenet Healthcare (NYSE:THC) to $305 from $290, citing strong quarterly results and raised 2026 EBITDA estimates. The stock trades near its 52-week high after a 49% six-month surge. Tenet reported Q3 2026 EPS of $6.64, beating estimates, and raised its full-year EBITDA outlook. Guggenheim maintained a Buy rating with a slightly lowered target of $306.

Tenet Healthcare (THC) reported Q3 earnings, with hospital segment showing 3.2% growth in admissions and 11% adjusted EBITDA increase. Revenue per admission rose 0.2% YoY. Exchange admissions and revenues declined 18%. Conifer transition activities contributed $147M, with $450M expected in 2026. Tenet generated $1.1B in adjusted free cash flow and repurchased 970K shares.

Tenet Healthcare raised its 2026 earnings guidance after its focus on high-acuity surgeries helped offset Q3 declines in procedure volumes. CEO Saum Sutaria cited the strategy's role in mitigating financial headwinds, including rising uninsured rates. Tenet expects full-year net income of $2.97B-$3.08B on revenues of $22.1B-$22.5B. Analysts noted Tenet's results were solid despite a challenging hospital sector.

Guggenheim reduced its price target for Tenet Healthcare (NYSE:THC) to $306 from $307, maintaining a Buy rating. The firm cited a modestly revised 2027 EBITDA outlook. Tenet's Q3 2026 earnings beat estimates, with adjusted EPS of $6.64 vs. $4.67 and revenue of $5.63B vs. $5.49B. The stock trades at $270.57, with a P/E ratio of 10.36 and a free cash flow yield of 15%.

Tenet Healthcare Corp (THC) reported Q3 2026 adjusted diluted EPS of $6.64, up 80%, driven by strong core business growth. USPI adjusted EBITDA rose 9% to $537 million, while hospital segment admissions grew 3.2%. Full-year 2026 adjusted EBITDA guidance was raised by $195 million. Challenges include exchange admissions decline and Conifer transition impacts. Management remains optimistic about 2027 earnings growth.

Tenet Healthcare (THC) reported Q3 2026 revenue of $5.631B (+6.5% YoY) and adjusted EPS of $6.64 (+79.5% YoY). Adjusted EBITDA was $1.355B, with growth in ambulatory and hospital segments. The company raised FY2026 EBITDA guidance to $5.05B-$5.20B. Risks include an 18% decline in exchange admissions and Medicaid work requirements. Tenet issued $2B in senior unsecured notes and repurchased $1.615B in shares YTD.