AHCO - AdaptHealth started with Buy rating at Bank of America

Bank of America analyst Kevin Fischbeck initiates coverage of AdaptHealth Corp. (AHCO) with a buy rating and a $46 price target, implying 22% upside."Adapt is growing organically 8-10%, much faster than most companies we cover, driven by the continued shift of services to the lower-cost home setting, particularly within the fast growing diabetes and sleep markets," Fischbeck writes.He projects total growth of between 12% and 16%, while arguing the AeroCare deal announced last month "creates scale and near-term synergies"Fischbeck also says that durable medical equipment providers will have stability in Medicare rates for the next three years.Shares are up 1% to $38.20 premarket.

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AdaptHealth started with Buy rating at Bank of America