EHC - Remain Bullish Post Management Meetings, Reiterate Buy

研报英文原文证据摘录

EHC - Remain Bullish Post Management Meetings, Reiterate Buy

Truist Securities

Equity Research Report June 26, 2026

HEALTHCARE: Inpatient Encompass Health Corporation (EHC)

Rehabilitation Facility

David S. MacDonald

617-646-5033

David.Macdonald@truist.com We remain bullish on EHC post-upbeat mgmt meetings focused on continued strong

underlying trends in a brisk demand backdrop where the company’s scale and quality/

capabilities provide attractive positioning. Continued labor improvement and investments

Clarke Murphy in tech/efficiency are driving additional tailwinds & we think nicely complement ongoing 617-646-5032

Clarke.Murphy@truist.com capacity expansion including small format hospitals/bed expansions focused in markets with

particularly strong demand. We expect EHC’s CF generation & balance sheet strength to

continue to support ongoing development investment and shareholder friendly initiatives. Grayson McAlister Reiterate Buy, $140 PT, continue to like the valuation risk/reward. 404-836-4742

Grayson.McAlister@truist.com

Positioning Remains Attractive With Plenty Of Demand. We remain bullish on EHC

following upbeat management meetings highlighting the company’s strong positioning in a

Stock Rating BUY robust demand environment with an underpenetrated patient population and high barriers to entry (capital intensity, labor investment, CONs). As a scaled leader in the market, EHC Unchanged

has delivered strong occupancy trends (78.7% in 1Q, ~flat y/y vs. a record 1Q:25) with

Price Target $140.00 ~35% of hospitals running north of 90% and an average of ~95% among this cohort. The

Unchanged company continues to take meaningful steps to further expand capacity, including bed

additions focused in these high occupancy markets, the introduction of small format hospitals