The higher price target comes after the Nashville-based hospital operator posted better-than-expected results for the 2016 first quarter yesterday.
The holding company reported adjusted earnings of $1.71 per share, surpassing analysts' expectations of $1.49 per share. Revenue was $10.26 billion, slightly above estimates of $10.24 billion.
The firm said the results were "solid" and noted that Texas and Florida continue to be opportunities for the company.
"While Medicaid expansion does not seem imminent, HCA would be a big beneficiary. In fact, these two states accounted for 70% of total uninsured admissions and 90% of the year-over-year growth from this bucket this quarter," Oppenheimer wrote in a note.
"We continue to believe that these states will ultimately expand Medicaid, with Obama's exit as a possible catalyst," the firm added.
Overall, the quarter was "fairly close to expectations" and the firm continues to believe that HCA is the "blue-chip" hospital operator.
Any weakens would represent a good buying opportunity, Oppenheimer said.
Shares of HCA are advancing 0.66% to $79.58 at the start of trading on Wednesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, increase in net income and revenue growth.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HCA