Leerink Partners Cuts Price Target on Evolent Health (EVH) to $24; Reiterates Outperform
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Leerink Partners maintained an Outperform rating on Evolent Health (NYSE: EVH), and cut the price target to $24.00 (from $28.00), heading into 2017. Demand for the Identifi solution and other valueadded services appears strong. EVH recently added Banner Health and Hill Physicians Medical Group. EVH now has 13 revenue producing partners as of the end of 3Q:16, and 3 more are being added which do not have revenue.
Analyst David Larsen commented, "We continue to be positive on EVH heading into 2017, and we are updating our model to account for the Valence transaction. Management has consistently delivered on promises, including five new partner relationships in 2016, steady organic growth in lives-on-platform from existing customers, a high degree of recurring revenue and steady improvement in EBITDA. We maintain our OP rating on shares of EVH; however, the next ~2 quarters will be significant as we'll see the full impact of the Valence & Aldera transactions, new lives coming onto the platform, and the impact of the Republicans gaining power in Washington. PT to $24 (from $28)."
Shares of Evolent Health closed at $18.95 yesterday.
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