Universal Health downgraded to Neutral on valuation at JPMorgan

JPMorgan analyst Gary Taylor downgraded Universal Health Services to Neutral from Overweight with an unchanged price target of $147. The analyst says that while he does not have a “new active negative thesis” on the shares, he finds the stock “relatively fairly valued with limited catalysts.” Universal Health’s valuation continues to reflect a stronger secular EBITDA growth outlook than the company has been able to deliver over the last three years or is implied in 2019 guidance, Taylor tells investors in a research note.

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