Citi analysts maintained their Buy rating and a price target of $43.00 on Surgery Partners (NASDAQ:SGRY) ahead of the company’s upcoming fourth-quarter 2023 results, expected before the market opens on February 26.

The analysts noted that both Citi and consensus estimates for the fourth quarter’s EBITDA stand close at $141.3 million and $141.4 million, respectively. For 2024, Citi’s estimate for EBITDA is $488.9 million, slightly below the consensus of $494.7 million and the company’s initial guidance of over $495 million.

Reflecting on a management meeting in December, the analysts mentioned a generally positive sentiment towards Surgery Partners despite challenges from an elevated utilization backdrop. The company’s confirmation of its 2023 guidance and the promising outlook for 2024 have been key factors in maintaining investor confidence. However, the analysts do not anticipate any significant surprises in the quarterly report, even considering potential uncertainties in operational drivers, such as comparisons to previous periods and a greater contribution from minority investments to EBITDA.

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