The US-based healthcare services provider rallied overnight, hitting its highest level since June on a good 4Q update and strong guidance for 2024. While the beat for the quarter was positive, with net profit of $US1.61bn beating expectations of $US1.38bn, the confidence to guide above market for 2024 was the key. They now see earnings per share (EPS) of $US19.70-$US21.20 versus the prior consensus of $US19.52, about a 5% beat at the midpoint, and shows better visibility on their business than in recent years.
- While we like HCA and the trends here are positive, the stock is no longer the ‘deep value’ it was when we bought it in November, with the share price up ~35% in 3 months.
MM has turned more neutral on HCA US above $US300
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