After Canaccord Genuity and Jefferies gave Evolent Health (NYSE: EVH) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mohan Naidu maintained a Buy rating on Evolent Health yesterday and set a price target of $31. The company’s shares closed yesterday at $20.20.
Naidu wrote:
“EVH reported numbers within guidance, and the new partnership announcement brings the total YTD partnerships increase to nine vs. initial expectations of six to nine. We are excited about the slow but strong rhetoric from the leadership at HHS and CMS that intends to increase the mix of risk-based programs. While there is still lack of direct ruling, we believe the push toward risk-based programs will continue to increase, which should be a significant tailwind for EVH. The recent moves in the competitive landscape certainly highlight the importance of this area, and we believe EVH’s capabilities that can support a broad range of entities from fundamental transformation to improving care delivery will be a significant competitive advantage. Reiterate Outperform, $31 target.”
According to TipRanks.com, Naidu is a 5-star analyst with an average return of 14.1% and a 61.8% success rate. Naidu covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Express Scripts.
Evolent Health has an analyst consensus of Strong Buy, with a price target consensus of $28, implying a 38.6% upside from current levels. In a report issued on July 29, Canaccord Genuity also maintained a Buy rating on the stock with a $24 price target.
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The company has a one-year high of $24 and a one-year low of $10.30. Currently, Evolent Health has an average volume of 903.4K.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock.
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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.
