2Q26 Preview: Lots of Vol. Concerns, We Think Utilization Shapes Up Ok Overall

研报英文原文证据摘录

2Q26 Preview: Lots of Vol. Concerns, We Think Utilization Shapes Up Ok Overall

USA | Healthcare Services EquityJulyResearch10, 2026

KEY STOCKS FEATURED INCLUDE:2Q26 Preview: Lots of Vol. Concerns, We Think

TICKER RATING PRICE TARGETUtilization Shapes Up Ok Overall

THC BUY $250.00

We met a lot of investors over the course of Q2, & the key question has been EHC BUY $150.00

whether H/C utilization has weakened -- particularly for hospitals -- & has that PNTG BUY $46.00

translated to vol pressure. Our view is that payor mix, as expected due to HIX AVAH BUY $11.50

changes, continues to degrade for hospitals, while OP providers in our coverage ACHC BUY $37.00

are seeing resiliency in vols as demographics and site of service shift theses

continue to play out. Top picks into Q2 print: BTSG, RDNT, ACHC, CVS.

Utilization Is Key to Driving H/C Svcs Sentiment for Rest of '26. On the heels of weather-impacted KEY CHANGES INCLUDE:

Q1 volumes that were softer than usual and better-than-expected MCO MLRs, investors have TICKER RATING PRICE TARGET

asked throughout Q2 whether broader H/C utilization has moderated from the elevated, post-COVID

PNTG BUY $46.00 ($40.00)

levels of the past several years. Despite the recent rally in H/C provider stocks, many investors

remain concerned about a volume slowdown across the space. Our view is that while HIX-exposed AVAH BUY $11.50 ($11.00)

providers (e.g., hospitals, PCPs) are seeing expected pressure from coverage losses, volume trends ACHC BUY $37.00 ($30.00)

appear consistent with guidance. Specialists and providers benefiting from site-of-service shifts to

outpatient settings have shown continued volume resilience in Q2.

Exhibit 1 - Healthcare Services - Historical