Tenet stock gets an upgrade

Soleil Securities has upgraded hospital chain Tenet Healthcare from "hold" to "buy," citing a price target of $6.25 per share. Soleil noted Tenet's ongoing recovery from seven years of bad credit as a key factor in its decision.

Soleil said that it's basing its upgrade in part on the fact that it has grown more bullish on the hospital sector as a whole. It notes that for the first time, all of the hospital stocks it follows outperformed consensus expectations on earnings per share, revenue and EBITDA.

The upgrade follows improved recent performance for Tenet. The company saw a 5.7 percent increase in net operating revenue for the third quarter of 2009, climbing from $2.14 billion in Q3 '08 to $2.26 billion this past quarter. The upgrade must be particularly satisfying, given that Tenet faced bankruptcy rumors as recently as 2007.

To learn more about the upgrade:
- read this FOXBusiness.com article

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