Surgery Partners

SGRY · NASDAQ

$15.49+$0.78 (+5.30%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $14.71

SGRY analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $19.58 (+26.4% upside)

Low: $14.14
Now: $15.49
High: $25.20

Upgrades and downgrades

The latest rating actions, newest first

SGRY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Sep 30, 2026	Maintains	Outperform	$19.00	57%
TD Cowen	Sep 18, 2026	Maintains	Buy	$19.00	67%
JP Morgan	Sep 14, 2026	Maintains	Neutral	$14.00 → $15.00	71%
TD Cowen	Aug 11, 2026	Maintains	Buy	$17.00 → $19.00	67%
RBC Capital	Aug 11, 2026	Maintains	Outperform	$20.00 → $19.00	57%
Cantor Fitzgerald	Aug 11, 2026	Maintains	Overweight	$18.00	34%
TD Cowen	Mar 5, 2026	Maintains	Buy	$28.00 → $20.00	67%
UBS	Mar 5, 2026	Maintains	Buy	$29.00 → $21.00	64%
Mizuho	Mar 5, 2026	Maintains	Outperform	$19.00 → $17.00	69%
RBC Capital	Mar 4, 2026	Maintains	Outperform	$31.00 → $20.00	57%

The case for and against

Updated Oct 15, 2026

Bull case

Surgery Partners is well positioned by the Idaho Falls divestiture, which removes a major investor overhang, simplifies the portfolio into a more focused ASC pure-play, and cuts Medicaid exposure to below 2% while improving balance sheet deleveraging and cash conversion. Its core growth engine remains strong, with 2Q26 revenue of $849 million and adjusted EBITDA of $125 million, plus 191 new physicians added in 2Q and 330 YTD, supporting continued same-facility growth and higher-acuity case mix in orthopedics, spine, and vascular procedures. The company also benefits from structural tailwinds as outpatient surgery gains share, Medicare rule changes may expand the addressable market, and management sees long-term double-digit EBITDA growth supported by OR capacity investments, recruitment, and disciplined M&A.

Bear case

Surgery Partners is facing a weaker fundamental setup after revising guidance down to $3,080-$3,180MM of revenue and at least $489MM of adjusted EBITDA, versus prior expectations of $3,350-$3,450MM and at least $530MM, largely because of the Idaho Falls divestiture. On a pro forma basis, full-year 2026 guidance still implies only $2.60-$2.67B of revenue and at least $414MM of EBITDA, while FY27 EBITDA was cut to $443.0MM from $580.9MM, signaling slower growth and limited operating leverage. The outlook is further pressured by high leverage, managed care and Medicare reimbursement risk, physician recruitment and labor inflation headwinds, and execution uncertainty around new asset ramp-up and cardio expansion.

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