UPDATE: Morgan Keegan Color On HLS

HealthSouth HLS reported adjusted fourth quarter income per share of $0.48, “$0.04 ahead of our estimate,” Morgan Keegan reports. “Adjusted EBITDA of $117 million topped our $107 million estimate,” Morgan Keegan writes. “Adjusted free cash flow of $31 million was well above our $10 million estimate. Key drivers were 5.3% hospital discharge growth, 2.5% growth in revenues per discharge, and operating efficiency that drove record-high margins.” Morgan Keegan also raised its PT on shares of HealthSouth, which closed Friday at $24.00.