Barclays Downgrades HCA Healthcare (HCA) - Here's Why

Barclays downgraded HCA Healthcare (NYSE:HCA) to Equal Weight from Overweight on July 8, cutting its price target to $427 from $496. The firm said that after a strong three-year run supported by growth in ACA membership, widening revenue-cost spreads, and Medicaid state-directed payments, conditions for acute hospitals are becoming more negative. Barclays added it could no longer recommend the company “on an unqualified basis.” Earlier, on June 22, TD Cowen reduced its price target to $431 from $500 while keeping a Buy rating. TD Cowen cited reduced 2026 and 2027 growth assumptions after a May hospital survey showed flat year-over-year revenue, with weaker surgical volumes partly offset by medical volume gains.