After Citigroup and Leerink Partners gave Evolent Health (NYSE: EVH) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Steven Halper reiterated a Buy rating on Evolent Health today and set a price target of $37. The company’s shares opened today at $23.89.
Halper commented:
“. We reiterate our Overweight rating on EVH shares and our price target remains unchanged at $37. Last week, EVH issued $150 million of convertible debt. The latest capital raise solidifies the company’s balance sheet, in our opinion, especially after it used approximately $120 million to complete the New Century Health (NCH) acquisition. While the company did not indicate that it was close to announcing another acquisition, EVH’s CFO indicated to us that the incremental capital certainly improves its financial position to pursue other acquisitions. Also, EVH indicated that it was not considering another health plan acquisition, which should be viewed positively by investors.”
According to TipRanks.com, Halper is a top 25 analyst with an average return of 22.8% and a 72.3% success rate. Halper covers the Services sector, focusing on stocks such as WellCare Health Plans, Tivity Health Inc, and Hms Holdings Corp.
Evolent Health has an analyst consensus of Strong Buy, with a price target consensus of $32.50.
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The company has a one-year high of $29.05 and a one-year low of $10.30. Currently, Evolent Health has an average volume of 840.6K.
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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.
