Wells Fargo Downgrades THC From Outperform To Market Perform

Wells Fargo is downgrading shares of Tenet Healthcare Corporation THC to Market Perform from Outperform. “We believe that ultimately Community Health Systems, Inc. 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.