To: Mr. Pink who wrote (14166 ) 10/4/2000 11:42:30 AM From: Peter V Read Replies (1) | Respond to of 18998 TRIH "news". Does Mr. P care to comment on TRIH's projected PE and cash flow multiples? Wednesday October 4, 11:33 am Eastern Time RESEARCH ALERT-ING Barings cuts three hospital stocks NEW YORK, Oct 4 (Reuters) - ING Barings said on Wednesday it was downgrading three hospital stocks to hold from buy following sharp share price gains by the group over the past nine months. -- Analyst Darren Lehrich lowered ratings on Tenet HealthCare Corp. (NYSE:THC - news), HCA-The Healthcare Co. (NYSE:HCA - news) and Universal Health Services Inc. (NYSE:UHS - news).-- Lehrich maintained buy ratings on Triad Hospitals Inc. (NasdaqNM:TRIH - news) and Quorum Health Group Inc. (NasdaqNM:QHGI - news). -- ``While operating fundamentals remain strong and the macro environment should be favourable in the medium term, we believe all of the good news is factored into the (hospital) group's valuations,'' Lehrich said in a research note.-- The hospital group's forward price-to-earnings multiples are near a decade high average of 23 to 24 and cash flow multiples are approaching peak levels, the note said. -- ``Relative to the S&P 500, the hospital group now trades at an 8 percent premium to the market versus its decade average discount of 12 percent,'' the note said. -- HCA shares were up 1/4 to $38-15/16. The stock's 52-week high is $40-3/16 and the low is $18-3/4. -- Tenet shares were unchanged at $37-15/16, slightly off a 52-week high of $39-1/8. The stock's low for the year is $16-15/16. -- Universal Health Services was slightly off its 52-week high of $89-1/8. The stock was trading at $86-7/16, up 11/16 and far above its 52-week low of $23-5/16.