DaVita HealthCare Shares Slip Amid Raymond James Downgrade

In Monday's morning summary, Raymond James analyst John Ransom downgraded shares of DaVita HealthCare Partners (NYSE: DVA) from Outperform to Market Perform and removed his $75 price target.

Ransom noted the downgrade is in reaction to the announcement that HealthCare Partners' president and CEO, Dr. Craig Samitt, will be stepping down effective August 1. Being that Samitt was only appointed back in March, Ransom said, at best, this means the company made an "ill-timed error in judgement."

In addition to this announcement, Ransom noted that HealthCare Partners has suffered from a series of disappointments, and to become more constructive he needs to see more clarity, which he doesn't expect until the company's July 31 earnings announcement.

Following news of Samitt's departure and the note from Ransom, Shares of DaVita have dipped more than three percent.

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