BofA downgraded U.S. Physical Therapy to Neutral from Buy with a price target of $90, down from $114. The firm likes the “solid” long-term growth profile, but worries about the recent spike in labor combined with a slow denovo ramp, the analyst tells investors. In addition, a slowing economy could impact demand and payor mix and keep the multiple compressed given U.S. Physical’s exposure to commercial payors, the analyst contends.

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