After Canaccord Genuity and Jefferies 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 yesterday and set a price target of $28. The company’s shares closed yesterday at $20.20.
Halper observed:
“We reiterate our Overweight rating on EVH shares and maintain our 12-month price target of $28. After the close on Tuesday, August 7, EVH reported 2Q18 results, with adjusted revenue and EBITDA above our and FactSet consensus expectations. The company announced that it has added another new client, its ninth of 2018 (original goal was 7-9). Management adjusted its 2018 guidance slightly, raising the low end of the adjusted revenue range by $5 million. 3Q18 guidance was a bit below our estimate. EVH confidence in its pipeline is increasing, and it believes it is positioned favorably for 2H18. We believe this will allay investors’ concerns regarding the company’s current and long-term growth strategy. The shares traded lower by about 6% in after-hours trading, which we believe is unwarranted.”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 22.4% and a 76.9% 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 $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.
