Ahead of the Bell: Community Health Systems

However, A.J. Rice lowered profit estimates on Community Health Systems, expecting increased bad debt and declining patient volumes as the U.S. economy struggles. But he raised his rating on the stock to "Buy" from "Hold," saying shares could make significant gains in 2009.

Shares of the Franklin, Tenn.-based company finished Tuesday's trading at $21.82. They have lost 37 percent of their value over the last month.

Rice cut his price target to $35 per share from $43, but that still implies the stock will rise 60 percent over the next 12 months.

"While they have some exposure to a deteriorating economy, hospitals are not industrial companies that are likely to see their results fall off a cliff as the precipitous decline in stocks suggests," he said.