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Hospital shares rise as Irma damage lighter than feared

Reuters  |  NEW YORK 

NEW YORK (Reuters) - of U.S. hospital companies rose on Monday as damage from Hurricane in appeared to be lighter than feared.

of Tenet Healthcare Corp rose 3.9 percent, Community Health Systems Inc were up 2.8 percent, Envision Healthcare Corp rose 1.7 percent and HCA Health were up 1.4 percent in morning trading.

"It doesn't look like the worst-case scenario," said KeyBanc Capital Markets analyst Jason Gurda. "Our expectation is at this point that they'll be open and accepting patients sometime over the next few days," he said.

Leerink analyst Ana Gupte last week forecast the could hurt earnings before interest, tax, depreciation and amortization industry wide by as much as 2.7 percent in the quarter. She said in an email on Monday that it appears the impact will be less than that.

hit on Sunday morning as a dangerous Category 4 hurricane, the second-highest level on the five-step Saffir-Simpson scale.

The did some $20 billion to $40 billion in damage to insured property as it tore through Florida, before losing strength and weakening to a tropical by Monday morning.

(Reporting by Michael Erman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 11 2017. 20:34 IST
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