Tenet Healthcare

THC · NYSE

$272.32+$5.93 (+2.23%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $266.39

THC analyst rating

BuyConsensus of 17 analysts over the last 12 months. 88% rate it a buy.

Strong buy0
Buy15
Hold2
Underperform0
Sell0

12-month price target · 24 analysts

Average $289.13 (+6.2% upside)

Low: $262.60
Now: $272.32
High: $324.45

Upgrades and downgrades

The latest rating actions, newest first

THC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Guggenheim	Oct 16, 2026	Maintains	Buy	$283.00 → $307.00	66%
BMO Capital	Sep 23, 2026	Initiates	Market Perform	$265.00	41%
Leerink Partners	Sep 18, 2026	Maintains	Outperform	$309.00	55%
Wells Fargo	Aug 3, 2026	Maintains	Overweight	$231.00 → $281.00	59%
Truist Securities	Jul 28, 2026	Maintains	Buy	$270.00 → $290.00	67%
Baird	Jul 28, 2026	Maintains	Neutral	$210.00 → $280.00	34%
Guggenheim	Jul 28, 2026	Maintains	Buy	$242.00 → $283.00	66%
UBS	Jul 27, 2026	Maintains	Buy	$288.00 → $308.00	64%
TD Cowen	Jul 27, 2026	Maintains	Buy	$233.00 → $263.00	67%
Morgan Stanley	Jul 27, 2026	Maintains	Overweight	$254.00 → $274.00	61%

The case for and against

Updated Oct 14, 2026

Bull case

Tenet Healthcare is supported by strong operating execution, as 1Q26 adjusted EBITDA of $1.162 billion beat expectations by 4% while hospital and USPI margins held firm despite softer volumes and weather-related disruptions. The company’s outlook is reinforced by pricing gains, disciplined expense control, and a growing ambulatory surgery center platform, with USPI EBITDA up 6% year over year and 1Q26 free cash flow of $1.46 billion supporting aggressive capital deployment. Management also reaffirmed 2026 revenue and EBITDA guidance while lifting adjusted EPS outlook, signaling confidence in durable demand, cost flexibility, and continued value creation across its hospital and outpatient assets.

Bear case

Tenet Healthcare is facing a fundamentally weaker reimbursement and volume backdrop as the expiration of ACA enhanced subsidies creates a roughly $250 million full-year headwind in 2026, with management assuming about a 20% decline in HIX enrollment and limited visibility into re-enrollment. The pressure is already visible in 1Q26, when HIX revenues were about 6% of consolidated revenue and fell roughly 9% year over year, while Hospital Operations revenue grew only 0.5% to $4.048 billion and adjusted EBITDA declined 4.1% to $678 million, compressing margin to 16.7%. Although Ambulatory Care posted 10.6% revenue growth and 6.1% EBITDA growth, the business remains exposed to elective-case softness, policy risk, and margin pressure that could curb cash flow and limit offsetting gains.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.