Raymond James has upgraded Lumexa Imaging Holdings (NASDAQ: LMRI) from Outperform to Strong Buy, keeping its price target at $23.00 and aligning with the prevailing analyst consensus that recommends Strong Buy on the shares.
The firm’s move follows a sharp decline in Lumexa’s market valuation since its IPO. Raymond James observed what it described as roughly a "3x EBITDA sell-off" as investors reacted in the run-up to Lumexa’s fourth-quarter earnings, scheduled for February 25. Market data cited by InvestingPro indicate the stock has dropped 41.68% over the past six months and 11.91% during the last week, with the relative strength index pointing to oversold conditions.
Valuation framework and scenarios
In its analysis, Raymond James places substantial value on Lumexa’s unconsolidated joint ventures, estimating those stakes could translate to about $870 million in equity value - roughly 85% of the company’s total market capitalization as calculated by the firm.
Separately, Raymond James assigns approximately $642 million of value to Lumexa’s consolidated centers. Combining those components produces a total valuation that, under conservative assumptions, equates to $15.53 per share. That conservative per-share figure is 44% higher than Friday’s closing price of $10.80, according to the note.
The brokerage also offered alternative valuation paths. Its base-case projection arrives at $18.52 per share and a bull case at $21.50 per share, estimates that imply potential upside of 71% and 99% respectively from Friday’s close.
Despite those elevated upside scenarios, InvestingPro data cited in the analysis observes that Lumexa is trading slightly below its fair value even though the company carries a relatively high EV/EBITDA multiple of 27.88. Raymond James’ work, as presented, implies there may be room for price recovery if the firm’s value buckets are realized by the market.
Other broker coverage and market context
Several other broker-dealers have recently initiated coverage on Lumexa. Deutsche Bank started coverage with a Buy rating and a $22.00 price target, while Wells Fargo initiated with an Overweight rating and a $22.00 target, both citing the company’s role as a major independent diagnostic testing facility operator in the U.S. The note from Raymond James also references its earlier Outperform-level view with the same $23.00 target and reiterates Lumexa’s position as a leading outpatient diagnostic imaging operator.
Corporate developments
On the corporate governance front, Lumexa announced that Julie Szeker, the company’s Chief Legal Officer and Corporate Secretary, plans to resign effective March 13, 2026; the company is already searching for her replacement. In separate organizational news, Dr. Jennifer L. Kemp of Lumexa Imaging was elected to the Board of Directors of the Radiological Society of North America, where she will serve as a liaison for government relations.
These analyst adjustments, valuation breakouts and internal leadership changes together underscore ongoing reassessments of Lumexa’s prospects in the diagnostic imaging sector. Investors will likely watch the company’s upcoming fourth-quarter earnings and any further clarity on the value and contribution of its unconsolidated joint ventures.