In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on Evolent Health (EVH), with a price target of $20. The company’s shares opened today at $13.26, close to its 52-week low of $12.88.
Halper said:
“We reaffirm our Overweight rating and $20 PT on EVH. EVH’s population health-management tools enable healthcare organizations to transition to value-based reimbursement. Its primary customers include captive health insurance plans of large, integrated delivery networks. Given the ongoing shift to value-based reimbursement, we believe EVH is well-positioned to grow rapidly given the large addressable market. Despite some concerns about the future of the Affordable Care Act (ACA), we believe market forces will continue to drive the shift to value-based reimbursement in many large population markets.”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 19.0% and a 63.2% 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 $22.06, which is a 66.4% upside from current levels. In a report issued on February 19, Piper Jaffray also maintained a Buy rating on the stock.
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Based on Evolent Health’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.43 million. In comparison, last year the company had a GAAP net loss of $13.16 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.
