12:11 PM EDT, 07/23/2025 (MT Newswires) -- Tenet Healthcare ( THC ) reported solid Q2 results but its shares fell amid policy uncertainty around the Affordable Care Act exchanges, RBC Capital Markets said in a note Tuesday.

RBC analysts Ben Hendrix and Michael Murray said Q2 earnings call raised "widespread concern" over the operating backdrop for 2026 around the ACA exchanges, which is impairing visibility for hospital and payors alike into next year.

"We are not surprised to see management withhold preliminary views on 2026," the analysts said.

"Even so, THC remains our top hospital pick on strong

fundamentals, which we believe are not adequately reflected in the current multiple," they added.

RBC kept its $189 price target and outperform rating.

Price: 158.01, Change: +2.04, Percent Change: +1.31