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Wells Fargo analyst Alec Brondolo initiated coverage on Duolingo with an Underweight rating and a price target of $239, while Canaccord Genuity analyst Joseph Vafi initiated coverage on Bullish with a Buy rating and a price target of $68. Other initiations include RBC Capital's coverage on Comcast with a Sector Perform rating, Citigroup's coverage on Goodyear Tire with a Neutral rating, and HC Wainwright's coverage on BioMarin Pharmaceutical with a Neutral rating.

On September 4, 2025, HCA Healthcare (NYSE:HCA) presented at the Wells Fargo 20th Annual Healthcare Conference. The discussion, led by CFO Michael Marks, highlighted both the challenges and opportunities facing the company. While volume growth fell short of expectations, HCA reported strong revenue growth and outlined strategic initiatives to manage costs and drive future expansion.

Key Takeaways
HCA’s volume growth for the first six months was 2.3%, below the projected 3-4%, due to weaker Medicaid and uninsured volumes. Revenue growth remained strong at 6.4%, supported by an improved payer mix. The company raised its financial guidance by $300 million, factoring in state supplemental payments and hurricane market recovery. HCA focuses on cost management, with improvements in wage inflation and contract labor nearing pre-pandemic levels. M&A activity continues, particularly in outpatient services, aligning with HCA’s capital allocation strategy.

Financial Results
- Volume Growth: Equivalent admission growth was 2.3% for the first six months, below initial guidance.
- Medicaid volumes decreased by 1.2%, while self-pay volumes increased by 1.5%.
- Medicare growth was at 3%, with commercial volumes rising by almost 1%.
- Exchange volume growth from Q1 to Q2 in 2025 was 3%, compared to nearly 15% the previous year.
- Revenue Growth: HCA reported a top-line growth of 6.4% for the quarter. Guidance was raised by $300 million, considering $180 million net benefit from state supplemental payments and a $100 million improvement in hurricane markets.
- Labor Costs: Contract labor costs decreased to 4.3% of total salary, wages, and benefits (SWB), nearing pre-pandemic levels of 4.1%. Same facility profit growth was at 10% for the second quarter.

Operational Updates
- Investments: Workforce development, including the Galen School of Nursing, has shown positive returns. Resiliency programs focus on revenue integrity, asset utilization, and cost management. Technology adoption includes AI, machine learning, and automation to enhance operations.
- Challenges: Physician costs, especially in anesthesia and radiology, continue to pressure finances. Denial trends from payers remain a concern.
- Successes: Stabilized emergency room and hospital segments through strategic insourcing. Improved revenue cycle management through investments in technology and processes.

Future Outlook
- Strategic Plans: HCA plans to provide further insights on exchange subsidies and resiliency efforts in the fourth-quarter call. Focus on organic growth in core markets, supported by strategic capital investments. Continued M&A activity in outpatient services, including urgent care and imaging centers.
- Challenges and Opportunities: Uncertainty around the extension of enhanced exchange subsidies could impact volumes. Potential challenges with long-term Medicaid reimbursement. Opportunities exist in revenue integrity and capturing market demand through network development.

Reference List
[1] https://www.investing.com/news/transcripts/hca-at-wells-fargo-conference-strategic-focus-on-growth-and-cost-management-93CH-4225424