Analysts Set Select Medical Holdings Corporation Price Target at $15.63
Seven research analysts have issued an average "Hold" recommendation for Select Medical Holdings Corporation (NYSE:SEM), with a 12-month price target of $15.63. The varied ratings and price target reflect the challenges the healthcare provider faces, especially after missing Q4 2025 earnings estimates. Investors will monitor the company's strategic initiatives and financial performance as it navigates the complex healthcare landscape.
Select Medical Holdings Corporation (NYSE:SEM) Receives Consensus Recommendation of "Hold" from Analysts
Select Medical Holdings Corporation (NYSE:SEM) has received a consensus "Hold" recommendation from analysts, with an average 1-year price target of $15.63. The company recently reported mixed quarterly results, missing EPS estimates but exceeding revenue expectations, and announced a new $1.0 billion share repurchase program. Despite recent downgrades from several firms, institutional investors own a significant portion of the stock.
JPMorgan Chase & Co. Raises Stock Holdings in Select Medical Holdings Corporation $SEM
JPMorgan Chase & Co. significantly increased its stake in Select Medical Holdings Corporation by 24.7% in Q3, now owning 554,203 shares valued at approximately $7.12 million. Other institutional investors also adjusted their holdings, with overall institutional ownership at 89.48%. Despite missing Q3 earnings estimates, Select Medical reported strong revenue growth and announced a $1 billion share repurchase program, alongside a quarterly dividend payment.
Tudor Investment Corp ET AL Invests $1.47 Million in Select Medical Holdings Corporation $SEM
Tudor Investment Corp ET AL recently acquired a new stake of 114,204 shares, valued at $1.47 million, in Select Medical Holdings Corporation. This move is part of broader institutional interest, with hedge funds and institutions now owning approximately 89.48% of the company's stock. Select Medical also announced a $1.0 billion share buyback program and a quarterly dividend, despite missing recent EPS estimates but revenue growth.
Short Interest in Select Medical Holdings Corporation (NYSE:SEM) Drops By 24.4%
Short interest in Select Medical Holdings Corporation (NYSE:SEM) decreased significantly by 24.4% in March, totaling 2,292,503 shares as of March 13th. Institutional ownership remains high at nearly 90%, with several hedge funds increasing their stakes. Despite an EPS miss, the company reported revenue growth and has authorized a substantial $1.0 billion stock buyback program.
Short Interest in Select Medical Drops by 24.4%
Select Medical Holdings Corporation (NYSE:SEM) experienced a significant 24.4% drop in short interest during March, indicating a potential shift in market sentiment towards a more bullish outlook. This decline suggests that short sellers are covering their positions, signaling increased confidence in the healthcare provider's future performance. As of March 13th, short interest totaled 2,292,503 shares, representing 2.2% of outstanding shares and a short-interest ratio of just 0.4 days.
Vanguard parent reports zero SEM holdings after realignment (SEM)
The Vanguard Group has filed a Schedule 13G/A, reporting zero beneficial ownership in Select Medical Holdings Corp (SEM) following an internal organizational realignment effective January 12, 2026. This change is due to certain Vanguard subsidiaries now reporting their holdings separately, in reliance on SEC Release No. 34-39538. The filing indicates that while the parent entity no longer reports ownership, the underlying investment strategies remain the same, and stakeholders should look for separate filings from Vanguard's subsidiaries for reallocated holdings.
Kaskela Law Investigates Select Medical's $16.50 Buyout Proposal
Kaskela Law is investigating Select Medical's proposed buyout at $16.50 per share, announced on March 2, 2026, to determine if the price is fair for shareholders. The investigation stems from concerns about potential conflicts of interest, especially considering an analyst's price target of $19.00 per share, suggesting the offer might be undervalued. Shareholders are encouraged to contact Kaskela Law to understand their rights and options regarding the transaction.
If You Invested $1,000 in Select Medical (SEM)
This article analyzes the historical performance of a $1,000 investment in Select Medical (SEM) over 1, 5, and 10 years, detailing its returns and comparing them to the S&P 500. It also provides an in-depth company profile of Select Medical, outlining its business segments, geographic footprint, industry context, and recent corporate developments.
Select Medical (SEM) Stock Price, News & Analysis $SEM
Select Medical (SEM) stock is currently trading at $16.26, reflecting a 9.3% increase year-to-date. The company, a leading provider of specialized healthcare services, recently initiated a $1 billion share buyback plan and is the subject of multiple shareholder alerts and investigations regarding a proposed go-private buyout transaction at $16.50 per share. Analysts have given Select Medical a consensus "Hold" rating, with earnings projected to grow by 20.51% in the coming year.
SEM Stock Price, Quote & Chart | SELECT MEDICAL HOLDINGS CORP (NYSE:SEM)
SELECT MEDICAL HOLDINGS CORP (NYSE: SEM) currently trades at $16.27 USD. The stock has a technical rating of 8/10 and a fundamental rating of 4/10 from ChartMill, with concerns noted about its financial health. Analysts project a 9.92% price increase over the next year and an EPS growth of 13.52%.
Select Medical Holdings Corporation $SEM Holdings Raised by CSM Advisors LLC
CSM Advisors LLC increased its stake in Select Medical Holdings Corporation (NYSE:SEM) by 32.0% during the third quarter, bringing its total holdings to 298,961 shares. Several other institutional investors also adjusted their positions in the health services provider. Analyst ratings for Select Medical are mixed, with a consensus "Hold" rating and an average price target of $15.63.
SEM SEC Filings - Select Medical 10-K, 10-Q, 8-K Forms
This page on Stock Titan provides comprehensive access to Select Medical Holdings Corporation (NYSE: SEM) SEC filings, including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms. It highlights how these filings communicate financial results, corporate actions, and governance changes relevant to the company's critical illness recovery hospitals, rehabilitation hospitals, and outpatient clinics. The platform also offers AI-powered summaries and real-time updates to help investors analyze key information.
Select Medical (NYSE:SEM) Sees Strong Trading Volume - Here's Why
Select Medical (NYSE:SEM) experienced unusually strong trading volume, with shares trading near $16.24, reflecting a 109% increase from the previous session. The company reported mixed quarterly results, missing EPS estimates but beating revenue expectations, and announced a new $1 billion share buyback program. Analysts generally maintain a "Hold" rating for the stock, with an average target price of $15.63.
Is Select Medical Holdings (SEM) Pricing Look Justified After Mixed Returns And DCF Gap?
Simply Wall St analyzes Select Medical Holdings (SEM) through two valuation approaches: Discounted Cash Flow (DCF) and Price-to-Earnings (P/E) ratio. The DCF analysis suggests SEM is overvalued by 185.4% compared to its intrinsic value, while the P/E ratio indicates it is undervalued relative to industry averages and its own Fair Ratio. The article encourages investors to consider these mixed signals and use "Narratives" to apply their own assumptions for a more tailored valuation.
Is Select Medical Holdings (SEM) Pricing Look Justified After Mixed Returns And DCF Gap?
This article analyzes Select Medical Holdings (SEM) valuation using DCF and P/E ratio methods, revealing mixed results. The DCF analysis suggests SEM is overvalued by 185.4% compared to its intrinsic value of $5.70, while the P/E ratio of 14.1x indicates it is undervalued relative to its Fair Ratio of 17.4x and industry averages. The stock has shown mixed returns over various periods, prompting investors to consider both valuation perspectives.
Are CWAN, SEM, GLDD Obtaining Fair Deals for their Shareholders?
Halper Sadeh LLC, an investor rights law firm, is investigating Clearwater Analytics Holdings, Inc. (CWAN), Select Medical Holdings Corporation (SEM), and Great Lakes Dredge & Dock Corporation (GLDD) regarding their proposed sales. The firm is concerned that insiders may receive substantial financial benefits not available to ordinary shareholders and that the transactions might limit superior competing offers. Halper Sadeh LLC encourages shareholders to contact them to discuss their rights and options.
Select Medical Holdings Corporation (NYSE:SEM) Receives Consensus Recommendation of "Hold" from Analysts
Select Medical Holdings Corporation (NYSE:SEM) has received a consensus "Hold" rating from analysts, with a 1-year average price target of $15.63, though recent analyst actions have been mixed. The company reported Q4 EPS of $0.16 (missing estimates) on revenue of $1.40 billion (beating estimates) and declared a quarterly dividend of $0.0625. A share repurchase plan of up to $1.0 billion was authorized, but a legal investigation into a $16.50 buyout offer adds transaction risk.
Select Medical Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Select Medical Holdings Corporation - SEM
Kahn Swick & Foti, LLC (KSF) is investigating the proposed sale of Select Medical Holdings Corporation (NYSE: SEM) to a consortium led by company executives and directors. Shareholders are set to receive $16.50 per share in cash. KSF is scrutinizing whether this price adequately values the company and if the sales process was appropriate, inviting shareholders concerned about undervaluation to contact them.
Select Medical to be acquired by consortium for $3.9 billion
Select Medical Holdings Corp. has agreed to be acquired by a consortium including company leaders and private equity investor Welsh, Carson, Anderson & Stowe for an enterprise value of approximately $3.9 billion. The deal, which values shares at $16.50 each, will take the rehabilitation and critical illness care operator private. The company's current management team is expected to remain in place, and its shares will be delisted from the New York Stock Exchange upon completion.
Select Medical to Go Private in $3.9 Billion Deal Led by Co-Founder
Select Medical Holdings Corporation is set to become a private company through a $3.9 billion acquisition. The deal is led by a consortium including co-founder Robert A. Ortenzio, Martin F. Jackson, and private equity firm Welsh, Carson, Anderson & Stowe. Shareholders will receive $16.50 per share, an 18% premium over the company's closing price before the proposal.
Select Medical Holdings Corporation (NYSE:SEM) Short Interest Down 14.0% in February
Select Medical Holdings Corporation (NYSE:SEM) saw its short interest decrease by 14.0% in February, totaling 3,515,119 shares. This reduction coincides with news of the company agreeing to a cash buyout at $16.50 per share, a deal that has led to an approximate 8% stock rally but also sparked shareholder investigations regarding fairness. Analysts are aligning their price targets with the acquisition price, though legal challenges present potential risks to the transaction.
Select Medical Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Select Medical Holdings Corporation - SEM
Kahn Swick & Foti, LLC (KSF) is investigating the proposed sale of Select Medical Holdings Corporation (NYSE: SEM), where shareholders are offered $16.50 per share in cash. The law firm is examining whether this price and the process leading to the sale adequately value the company, encouraging shareholders to contact them if they believe the company is undervalued. This investigation is being conducted due to concerns that the consideration may not be fair to shareholders.
SEM's $16.50 Buyout: Is It Undervalued or a Well-Timed Move?
Select Medical Holdings Corporation (SEM) is transitioning to a privately held company in a $3.9 billion buyout, offering shareholders $16.50 per share. This premium over recent closing prices is still below the average analyst target, suggesting potential undervaluation. The move could provide management with more flexibility to navigate industry challenges, despite the company's recent stock performance lagging behind peers and the S&P 500.
Select Medical (SEM) outlines 2026 proxy, governance changes and executive pay structure
Select Medical Holdings Corporation (SEM) has detailed its 2026 annual meeting agenda, which includes crucial votes on director elections, executive compensation, auditor ratification, and significant governance changes. The company is proposing to declassify its board over a three-year period and seeks stockholder approval for a non-binding advisory vote to allow stockholders owning 25% or more of outstanding common stock to call special meetings, while opposing a stockholder proposal for a 10% threshold. Executive compensation remains performance-based, with 2025 bonuses at 190% of target driven by adjusted EPS and ROE, and includes substantial time-vested restricted stock grants.
Cumberland County company to be purchased for $3.9B by group led by co-founder
Select Medical Holdings Corporation, based in Upper Allen Township, will be acquired for $3.9 billion by a consortium led by its co-founder, Robert A. Ortenzio, along with Martin F. Jackson and private equity firm Welsh, Carson, Anderson & Stowe. The deal, expected to close in mid-2026, will take Select Medical private, removing it from the New York Stock Exchange. The group will purchase outstanding shares at $16.50 each, an 18% premium over the November 24 share price.
Select Medical Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Select Medical Holdings Corporation - SEM
Kahn Swick & Foti, LLC (KSF) is investigating the proposed sale of Select Medical Holdings Corporation (NYSE: SEM) to a consortium led by company executives and directors. KSF is evaluating whether the $16.50 per share cash offer adequately values the company and is seeking to hear from shareholders who believe the transaction undervalues their shares or wish to discuss their legal rights.
Select Medical agrees to go-private buyout transaction
Select Medical (SEM) has announced a definitive agreement to be taken private by a consortium for $16.50 per share in cash, valuing the company at approximately $3.9 billion. The deal, which includes certain insiders rolling over equity and current management remaining in place, is expected to close mid-2026, leading to the company's delisting from the NYSE. TipRanks' AI Analyst, Spark, rates SEM as Neutral, citing improving financial flexibility and cash conversion tempered by weakened profitability and mixed earnings call execution.
Select Medical (SEM) Soars 8.4%, Traders Snap up Shares Ahead of Delisting
Select Medical (SEM) shares jumped 8.4% after the company announced it would be taken private in a $3.9 billion deal. A consortium led by Executive Chairman Robert Ortenzio and Senior Executive Vice President Martin Jackson will acquire all outstanding shares for $16.50 apiece. The company also announced a $0.0625 dividend per share to shareholders of record as of March 2, 2026, following a strong earnings performance with a net income of $20.17 million in 2025.
SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Select Medical Holdings Corporation (NYSE: SEM)
Monteverde & Associates PC, a prominent class action law firm, has initiated an investigation into Select Medical Holdings Corporation (NYSE: SEM) regarding its proposed sale to a consortium led by company executives and directors. The firm is examining whether the offer of $16.50 per share in cash represents a fair deal for Select Medical shareholders. Shareholders are encouraged to contact Juan Monteverde for more information, free of charge.
Select Medical Holdings Corp (SEM) Stock Analysis: Discover the 14.27% Potential Upside in Healthcare
Select Medical Holdings Corporation (NYSE: SEM) operates in the healthcare sector, focusing on critical illness recovery, rehabilitation, and outpatient services, with a market capitalization of $1.86 billion. Analysts are optimistic about SEM, projecting a 14.27% potential upside with an average target price of $17.14, supported by strong financial metrics like a 10.64% return on equity and a sustainable dividend yield. While technical indicators suggest a potential buying opportunity due to the stock being near oversold territory, a cautious approach is advised due to short-term bearish sentiment indicated by MACD.
SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of Select Medical Holdings Corporation (NYSE - SEM)
Brodsky & Smith is investigating potential claims against the Board of Directors of Select Medical Holdings Corporation (NYSE - SEM) due to its sale to a consortium for $16.50 per share in cash, an enterprise value of $3.9 billion. The investigation focuses on whether the Board breached its fiduciary duties by failing to conduct a fair process and if the deal consideration of $16.50 per share provides fair value to shareholders, especially since it is below the 52-week high of $18.61. Shareholders are invited to contact Brodsky & Smith for discussions regarding the legal ramifications without obligation.
Select Medical Holdings Corporation $SEM Shares Sold by Vanguard Group Inc.
Vanguard Group Inc. sold 354,804 shares of Select Medical Holdings Corporation (NYSE:SEM), reducing its stake by 2.7% but still holding over 12.5 million shares. Despite missing Q3 EPS estimates, Select Medical exceeded revenue expectations, set a positive FY2026 EPS guidance, and announced a $1 billion share buyback program, signaling confidence in the company's valuation. Institutional investors collectively own 89.48% of the company's stock.
Select Medical: $3.9 Billion Take-Private Deal By Healthcare Operator’s Founders And WCAS
Select Medical Holdings Corporation, a major healthcare operator, has agreed to a $3.9 billion take-private deal led by its founders Robert A. Ortenzio and Martin F. Jackson, alongside private equity firm Welsh, Carson, Anderson & Stowe. The consortium will acquire outstanding shares for $16.50 each, representing an 18% premium over the unaffected share price. The transaction is expected to close in mid-2026, after which Select Medical will become a privately held company.
Consortium to take Select Medical (NYSE: SEM) private at $16.50
Select Medical Holdings Corporation (NYSE: SEM) has agreed to be acquired by a consortium led by Executive Chairman Robert A. Ortenzio, Senior EVP Martin F. Jackson, and private equity firm WCAS for $16.50 per share in cash. This deal values the company at $3.9 billion and represents an 18% premium over its unaffected share price on November 24, 2025. The merger requires approval from a majority of unaffiliated shareholders and regulatory clearances, after which Select Medical will become a private company and its shares will be delisted from the NYSE.
Select Medical Holdings Corporation to be Acquired by Consortium Led by Robert A. Ortenzio, Martin F. Jackson and WCAS
Select Medical Holdings Corporation (NYSE: SEM) announced its acquisition by a consortium led by its Executive Chairman Robert A. Ortenzio, Senior Executive Vice President Martin F. Jackson, and Welsh, Carson, Anderson & Stowe (WCAS). The deal, valued at $3.9 billion, will see outstanding shares purchased for $16.50 each, with key consortium members rolling over their equity. The acquisition is expected to close by mid-2026, after which Select Medical will become a private company.
Shareholder Alert: The Ademi Firm investigates whether Select Medical Holdings Corporation is obtaining a Fair Price for its Public Shareholders
Ademi LLP is investigating Select Medical (NYSE: SEM) for potential breaches of fiduciary duty related to its recently announced transaction. The firm is examining whether the $16.50 per share cash offer, amounting to an enterprise value of approximately $3.9 billion, is a fair price for public shareholders, especially given the benefits received by insiders and a significant penalty for alternative bids. Ademi LLP encourages shareholders to contact them for more information regarding this investigation.
SEM Stock Alert: Halper Sadeh LLC is Investigating Whether Select Medical Holdings Corporation is Obtaining a Fair Price for its Shareholders
Halper Sadeh LLC is investigating the sale of Select Medical Holdings Corporation (NYSE: SEM) to a consortium for $16.50 per share. The investigation aims to determine if Select Medical and its board of directors violated federal securities laws or breached fiduciary duties by failing to secure the best possible price for shareholders, conduct a fair sales process, and disclose all material information. Halper Sadeh LLC encourages affected shareholders to contact them for more information regarding their rights and options.
SEM Stock Alert: Halper Sadeh LLC is Investigating Whether Select Medical Holdings Corporation is Obtaining a Fair Price for its Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating the sale of Select Medical Holdings Corporation (NYSE: SEM) to a consortium led by company executives and directors for $16.50 per share. The investigation focuses on whether Select Medical's board failed to secure the best possible price for shareholders, conducted a fair sales process free of conflicts of interest, and disclosed all material information. Halper Sadeh LLC encourages shareholders to contact them to discuss their rights and options.
SEM Stock Alert: Halper Sadeh LLC is Investigating Whether Select Medical Holdings Corporation is Obtaining a Fair Price for its Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating the sale of Select Medical Holdings Corporation (NYSE: SEM) to a consortium led by its executives and directors for $16.50 per share. The firm is examining whether Select Medical and its board breached federal securities laws and fiduciary duties by potentially failing to secure the best price for shareholders, conducting a fair sales process free of conflicts, and disclosing all material information. Halper Sadeh LLC is offering shareholders information regarding their rights and options related to this transaction.
RBC Capital Markets recently released a research report downgrading Select Medical Holdings Corporation's stock rating from "Outperform" to "Sector Perform".
RBC Capital Markets has downgraded Select Medical Holdings Corporation's stock from "Outperform" to "Sector Perform" and reduced its target share price by 13.2% to $16.5. This adjustment reflects caution regarding the company's short-term performance due to operational cost pressures and healthcare policy changes. Despite the downgrade, the new target price still suggests some upside potential compared to the current share price, indicating a more conservative institutional investor outlook.
Shareholder Alert: The Ademi Firm investigates whether Select Medical Holdings Corporation is obtaining a Fair Price for its Public Shareholders
Ademi LLP is investigating Select Medical Holdings Corporation (NYSE: SEM) for potential breaches of fiduciary duty related to its recently announced transaction. The investigation focuses on whether the $16.50 per share cash offer, valuing the company at $3.9 billion, represents a fair price for public shareholders, especially given the involvement of company insiders in the acquiring consortium and potential limitations on competing bids.
Select Medical Enters Definitive Merger Agreement with Consortium
Select Medical Holdings Corporation has entered a definitive merger agreement to be acquired by a consortium led by Robert A. Ortenzio for $16.50 per share, valuing the company at $3.9 billion. The merger, expected to close in mid-2026, received unanimous approval from disinterested board members and aims to protect shareholder interests while maintaining current management. However, several legal firms are investigating the acquisition price and sales process, raising concerns about fairness and full disclosure to shareholders.
Founder-led group plans $3.9B Select Medical buyout at 18% premium
Select Medical (NYSE: SEM) has agreed to be acquired by a consortium led by Robert A. Ortenzio, Martin F. Jackson, and Welsh, Carson, Anderson & Stowe for $16.50 per share in cash, totaling an enterprise value of $3.9 billion. This price represents an approximate 18% premium. The deal is expected to close by mid-2026, contingent on shareholder and regulatory approvals, after which Select Medical will become a privately held company.
Shareholder Alert: The Ademi Firm investigates whether Select Medical Holdings Corporation is obtaining a Fair Price for its Public Shareholders
The Ademi Firm is investigating Select Medical Holdings Corporation (NYSE: SEM) for potential breaches of fiduciary duty related to its recently announced transaction. The firm is examining whether the $16.50 per share cash offer, part of a $3.9 billion enterprise value deal with a consortium including company insiders, represents a fair price for public shareholders. Concerns are also raised about a significant penalty clause that could limit competing offers.
SEM Stock Alert: Halper Sadeh LLC is Investigating Whether Select Medical Holdings Corporation is Obtaining a Fair Price for its Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating the sale of Select Medical Holdings Corporation (NYSE: SEM) to a consortium led by its executives and directors for $16.50 per share. The investigation centers on whether Select Medical and its board violated federal securities laws and breached fiduciary duties by failing to secure the best possible price for shareholders, conduct a fair sales process, and disclose all material information. Halper Sadeh LLC encourages shareholders to contact them to discuss their legal rights and options.
Western Standard LLC Takes $13.55 Million Position in Select Medical Holdings Corporation $SEM
Western Standard LLC has initiated a significant position in Select Medical Holdings Corporation (NYSE:SEM), acquiring 1,055,357 shares valued at approximately $13.55 million. This investment constitutes 4.0% of Western Standard LLC's portfolio and 0.85% of Select Medical's outstanding shares, making it their fourth-largest holding. The health services provider recently missed quarterly EPS estimates but reported strong revenue growth, issued FY2026 guidance, and authorized a $1.0 billion share repurchase program.
Select Medical (SEM) Issues 2026 Outlook After Margin Pressure: Is Its Earnings Power Repositioning?
Select Medical Holdings Corporation reported mixed Q4 and full-year 2025 results, with increased revenue but continued pressure on profitability. The company issued 2026 guidance, projecting revenues between US$5.6 billion to US$5.8 billion and EPS of US$1.22 to US$1.32, which frames its repositioned earnings power after a year of compressed margins. This outlook helps reset investor expectations regarding the company's ability to convert patient demand into healthier margins despite ongoing regulatory and cost pressures, particularly in critical illness recovery hospitals.
Select Medical (SEM) Issues 2026 Outlook After Margin Pressure: Is Its Earnings Power Repositioning?
Select Medical Holdings Corporation (SEM) reported mixed Q4 and full-year 2025 results, with increased revenue but continued profitability pressure. The company issued 2026 guidance forecasting revenues between US$5.6 billion and US$5.8 billion and earnings per share of US$1.22 to US$1.32. This outlook re-positions the investment narrative, indicating that management expects earnings power to stabilize despite margin challenges, with an implied fair value offering a 20% upside.
Select Medical (SEM) Issues 2026 Outlook After Margin Pressure: Is Its Earnings Power Repositioning?
Select Medical Holdings Corporation (SEM) reported mixed Q4 and full-year 2025 results, with revenue increasing but profitability remaining challenged. The company issued 2026 guidance forecasting revenues between US$5.6 billion and US$5.8 billion and EPS of US$1.22 to US$1.32. This guidance helps reset investor expectations after a year of compressed margins and signals management's view on the company's earnings power.
