Wells Fargo Downgrades THC From Outperform To Market Perform

Wells Fargo is downgrading shares of Tenet Healthcare Corporation (NYSE: THC) to Market Perform from Outperform.

“We believe that ultimately Community Health Systems, Inc. (NYSE: CYH) will acquire shares of THC at about $6.50-7.50 offering investors limited upside from its recent price of $6.83,” Wells Fargo writes.

“We think it is unlikely that other bidders will emerge for Tenet and therefore CYH will not need to pay a significant premium beyond its original offer of $6.00.”

Tenet Healthcare Corporation currently trades at $6.75; Community Health Systems trades at $37.17.