After Canaccord Genuity and Oppenheimer gave Evolent Health (NYSE: EVH) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Steven Halper maintained a Buy rating on Evolent Health today and set a price target of $28. The company’s shares opened today at $21.65.
Halper wrote:
“We reaffirm our Overweight rating and $28 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 19.7% and a 72.2% 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 Strong Buy and the average price target is $24.29, representing a 12.2% upside.
In a report issued on June 4, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $30 price target.
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The company has a one-year high of $27.50 and a one-year low of $10.30. Currently, Evolent Health has an average volume of 787.3K.
Based on the recent corporate insider activity of 16 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.
