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Prudential Ups Tenet HealthCare to Overweight

Prudential upgraded Tenet HealthCare (THC) to overweight from neutral, after the company said on Tuesday that a federal jury in San Diego was unable to reach a verdict in the retrial of a case against it for its physician recruiting practices.

Analyst David Shove says this is a pivotal positive legal development and could end the physician recruitment prosecution. He thinks it sets the stage for a comprehensive settlement with the federal government. In light of the company's failure to secure the conviction, the Department of Justice would be hard pressed to justify a third trial. He thinks Tenet can now focus on rebuilding strained physician relationships and restore its brand name, leading to higher patient volumes. He raises his $9 stock price target to $10.

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