Evolent Health (EVH) Received its Third Buy in a Row


After Piper Jaffray and William Blair 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 $20. The company’s shares opened today at $13.04, close to its 52-week low of $12.09.

Halper said:

“. We reiterate our Overweight rating on EVH shares and maintain our 12-mo. price target at $20. We recently met with the company’s CFO, Nicky McGrane. Concern’s regarding its largest customer, Passport Health (Kentucky Medicaid plan), continue to weigh on the shares. While 2019 will have some headwinds from client attrition, EVH continues to invest in different models in order to leverage its core technology-enabled service model. From an industry perspective, we believe the adoption of value-based care models is ongoing, but broader adoption is probably slower than expected. Given this, the company’s growth strategy is probably changing to some degree, which is positive.”

According to TipRanks.com, Halper is a top 100 analyst with an average return of 17.2% and a 62.3% 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 $22.06, which is a 69.2% upside from current levels. In a report issued on February 27, Oppenheimer also reiterated a Buy rating on the stock with a $21 price target.

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Based on Evolent Health’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $16.69 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 firm operates through Services segment and True Health segment. The Services segment includes three types of services designed to help partners manage patient health; value-based care services, specialty care management services and comprehensive health plan administration services. The True Health segment, which operates a health plan in New Mexico, and provides reinsurance to NMHC, takes on certain insurance and underwriting costs in pricing its premiums. The company was founded by Frank J. Williams, Seth B. Blackley, and Tom Peterson in August 2011 and is headquartered in Arlington, VA.

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