Shares of Select Medical Holdings Corp. /zigman2/quotes/201753136/composite SEM +0.29% soared 19.5% toward a record in morning trading Friday, after the medical rehabilitation services company reported a fourth-quarter profit that rose well above expectations and provided an upbeat outlook, prompting BofA Securities analyst Kevin Fischbeck to swing to bullish from bearish. The company reported late Thursday earnings per share rose to 57 cents from 24 cents, above the FactSet consensus of 36 cents, the seventh-straight quarter that EPS beat forecasts. Revenue grew 6.2% to $1.46 billion, beating expectations of $1.41 billion. The company said it expects 2021 EPS of $2.26 to $2.48, compared with the FactSet consensus at the end of January of $1.64. BofA's Fischbeck double upgraded the stock (SEM) to buy from underperform, while raising his price target to $36 from $30. "SEM has been a net beneficiary from COVID, and there is now reason to believe that a decent amount of the critical illness recovery hospitals (CIRH) share shift that occurred will be sustained post-COVID, while the outpatient businesses rebound," Fischbeck wrote in a note to clients. The stock, on track for the second-biggest one-day gain since going public in September 2009, has run up 28.8% over the past three months, while the SPDR Health Care Select Sector ETF /zigman2/quotes/205918244/composite XLV +0.54% has tacked on 4.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.03% has gained 5.7%.