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Lehman Ups Tenet Healthcare to 'Equal-Weight'

Lehman upgraded Tenet Healthcare (THC) to equal-weight from underweight, and raised the $14 target to $22.

Analyst Adam Feinstein say he believes the company will begin to show signs of improvement with its turnaround initiatives as the year progresses, with earnings hitting a trough in the first-half of 2004. While he believes there's a high likelihood of additional "noise" in the near term, he thinks the potential upside in shares outweighs the above-average risk. He says Tenet is under-earning its asset base, suggesting the potential for big growth in 2005.

Feinstein sees 59 cents 2004 earnings per share, and $1.15 for 2005. Also, he upgraded the Health-Care Facilities sector to neutral from negative, reflecting stimulus from an increase in Medicare funding.

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