NMC Health Target Slashed by 85% at SocGen
- Societe Generale double downgrades NMC Health to sell from buy
- Shares fall as much as 11%; down 69% since Muddy Waters report
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NMC Health Plc received its first analyst downgrade after short seller Muddy Waters Capital LLC published a critical report on the hospital operator in December, sending the stock tumbling 69% since then.
Societe Generale cut its rating to sell from buy and slashed its price target by 85%, saying that confidence in the operator of the biggest medical network in the United Arab Emirates is “broken” after recent issues around the possible misreporting of stakes.