Analyst Note
| Julie Utterback, CFA |Tenet turned in strong fourth-quarter results and delivered 2021 guidance that exceeded our previous expectations, especially in terms of cash flow. Considering this strong outlook and continued focus on deleveraging, we have raised our fair value estimate to $37 per share from $28 previously. However, shares still remain above that, and we continue to see extreme uncertainty around the valuation scenarios of this highly leveraged, no-moat hospital operator.