.jpg "Evolent Health (NYSE: EVH)")
In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on Evolent Health (NYSE: EVH), with a price target of $37. The company’s shares opened today at $25.85, close to its 52-week high of $26.26.
Halper observed:
“. We reiterate our Overweight rating on EVH shares and increase our price target to $37 from $28. This morning, EVH announced the acquisition of privately-held New Century Health (NCH). NCH manages approximately 462,000 Medicare Advantage lives for 12 long-term operating partners across multiple states. NCH’s customers include at-risk providers as well as national and regional health plans. We believe that the acquisition of NCH is very attractive financially and a very solid fit strategically. NCH basically doubles EVH’s adjusted EBITDA. Strategically, it looks like NCH operates a more “mature” EVH business model. Overall, we believe the acquisition is a nice positive for EVH.”
According to TipRanks.com, Halper is a top 25 analyst with an average return of 25.7% and a 77.1% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Currently, the analyst consensus on Evolent Health is a Strong Buy with an average price target of $27.33.
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Based on Evolent Health’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $9.92 million. In comparison, last year the company had a GAAP net loss of $16.91 million.
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Evolent Health, Inc. engages in the provision of health care delivery and payment services. Its solutions include population health management, health plan administration and third party administration, network performance management, risk adjustment, pharmacy benefit management, analytics and performance improvement, and technology and electronic medical record integration. The company was founded by Frank J. Williams, Seth B. Blackley, and Tom Peterson in August 2011 and is headquartered in Arlington, VA.
